Injective has launched its first native stablecoin, the fully collateralized digital dollar AUSD. This initiative aims to improve transaction efficiency and reliability within the Injective ecosystem.
AUSD: A Reliable Stablecoin?
AUSD is backed by a diverse range of assets, including cash, U.S. Treasury bills, and reverse repurchase agreements. VanEck is responsible for reserve management, and custodial services are provided by State Street. Each AUSD token is redeemable for one U.S. dollar, offering users stability.
Market Context and Growth
Since its inception, AUSD's circulating supply has surged to over $65 million, with daily trading volumes exceeding $15 million across various blockchains. The stablecoin market ranks as the third largest sector in the cryptocurrency space, reinforced by AUSD's entry and the predominance of USD-backed stablecoins.
Advantages of Injective's Infrastructure
Injective's low transaction fees and fast throughput ensure real-time operations. Notably, Injective marked over 1 billion on-chain transactions this year. Paxos also introduced Wrapped USDL (wUSDL), secured with a 1:1 dollar backing.
AUSD and recent innovations on Injective demonstrate a commitment to stability and efficiency within the DeFi ecosystem, providing new opportunities for users and developers alike.
