Agora’s USD stablecoin has gone live on Injective after making its debut on Ethereum, Avalanche and Sui Networks previously.
Injective, a decentralized protocol that powers trading on the Ethereum and Polkadot blockchains, has launched its first stablecoin. Per a press release shared with Coinspeaker, the stablecoin is dubbed Agora’s US Digital Dollar (AUSD). This fully collateralized stablecoin will provide users with a low-risk asset. Likewise, it is designed to facilitate transactions within Injective’s ecosystem while connecting Decentralized Finance (DeFi) with Traditional Finance (TradFi) markets.
Injective AUSD Offers Users Full Yield
AUSD is backed by the asset management company VanEck and managed by State Street. This asset will enable users to trade easily in different markets and earn rewards through staking and lending. As such, users will benefit directly from the growing value of Injective.
Furthermore, Injective introduced AUSD to improve liquidity between DeFi and TradFi. This new stablecoin is designed to help attract more users and liquidity providers to the platform. Agora’s AUSD acts as a stable and efficient way to make transactions, which will help users avoid converting back to fiat or more volatile cryptocurrencies. The goal is to achieve smoother and faster transactions between Injective and other financial markets.
AUSD aims to improve institutional investors’ interaction with DeFi markets. With State Street as the custodian, AUSD users can be confident that their assets are held securely. This arrangement fits Injective’s goal of creating a clear and decentralized financial system.
Recall that Sui, a Layer-1 blockchain, announced the launch of the AUSD stablecoin earlier. With this strategic deployment, AUSD ranked as the second native stablecoin within the Sui ecosystem. Integrating AUSD on the Sui Network enhances the utility and accessibility of both platforms. It also fosters a more inclusive and interoperable financial ecosystem. To show how widely accepted AUSD is, it is also available on the Ethereum and Avalanche networks.
Many companies are venturing into the stablecoin ecosystem. Like Injective, Ripple’s CEO Brad Garlinghouse recently confirmed the imminent launch of the company’s dollar-pegged stablecoin, RLUSD. Brad Garlinghouse revealed that the stablecoin is currently in private, closed beta testing, with public availability expected soon. Notably, RLUSD is designed to complement Ripple’s associated XRP.
More Development on Injective Protocol
Some months ago, Injective officially launched its new upgrade Altaris on the mainnet. According to the announcement, Altaris enhances the overall experience for users and developers building applications on the platform. Interestingly, the Altaris upgrade, also known as the Injective Improvement Proposal 420 (IIP-420), garnered the highest rate of governance participation since the network’s inception.
The Altaris upgrade enhances the platform’s scalability, increases the speed, and reduces wait times for processed transactions on the chain. It also introduced several enhancements to boost chain speed and the network’s overall performance. These combined improvements transform the flexibility of chain-level consensus and provide a more streamlined experience for developers.
Meanwhile, Injective previously rolled out a mainnet upgrade dubbed Volan in January. This upgrade is integrated with a software module dedicated to Real-World Assets (RWAs). The primary goal of the Volan upgrade is to provide institutional and individual users with access to several structured products.
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