VanEck-backed stablecoin AUSD debuts on Injective blockchain

Agora’s AUSD, a stablecoin backed by VanEck and held by State Street, now powers cross-market liquidity on the Injective blockchain.

Injective (INJ) has added support for AUSD, a US dollar-pegged stablecoin issued by crypto startup Agora, marking an important step towards bridging decentralized finance and traditional financial markets.

According to a press release shared with crypto.news on Friday, the inclusion of the stablecoin in Injective is expected to increase liquidity on the Injective blockchain. Eric Chen, CEO and co-founder of Injective Labs, highlighted AUSD’s unique approach, stating that it “differentiates itself from other stablecoins in the way it offers full returns to users.”

“This makes it a powerful tool in Injective’s initiatives (including burn auctions and on-chain staking) to ensure project users are key beneficiaries of ecosystem revenue.”

Eric Chen

Nick van Eck, CEO and co-founder of Agora, explained that the decision to expand the stablecoin to the new network comes after Injective’s ecosystem has processed “over $40 billion in volume across US dollar-denominated stablecoins since launch.” He added that with over 1 billion on-chain transactions and over 500,000 total active addresses this year, Injective “offers the strongest ecosystem for delivering AUSD natively.”

AUSD expands in $170 billion stablecoin market

The launch follows Agora’s recent partnership with cross-chain provider Wormhole, which aims to expand AUSD’s reach across multiple blockchain networks, including Solana, Aptos and Arbitrum.

Launched in 2024 by Nick van Eck, Drake Evans and Joe McGrady, Agora aims to build an open and inclusive stablecoin network. In April, the startup raised $12 million in funding, led by Dragonfly, to support its stablecoin platform launch and focus on regulatory compliance. The funding round included investments from Wintermute Ventures, Galaxy and Consensys.

With assets managed by VanEck, including US Treasury bonds and cash, and custody services provided by State Street, AUSD participates in a stablecoin market valued at over $170 billion, with US dollar-backed stablecoins making up the vast majority.