Agora Expands Its AUSD Stablecoin Network to the Injective Blockchain

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

Agora’s AUSD stablecoin, backed by VanEck and held by State Street, has now been integrated into the Injective (INJ) blockchain to facilitate cross-market liquidity.

Injective has announced the addition of AUSD, a U.S. dollar-pegged stablecoin issued by crypto startup Agora, to its platform. This marks a significant step in connecting decentralized finance (DeFi) with traditional finance markets.

As stated in a press release shared with crypto.news on Friday, the introduction of AUSD on Injective is expected to enhance liquidity on the Injective blockchain. Eric Chen, Injective Labs’ CEO and co-founder, highlighted AUSD's unique approach, stating that it "differentiates from other stablecoins in how it offers users full yield."

“This makes it a powerful vehicle in Injective’s initiatives — including burn auctions and on-chain staking — to ensure project’s users are the core beneficiaries of ecosystem revenue.”

Eric Chen

Agora’s CEO and co-founder Nick van Eck explained that the decision to expand AUSD on Injective was driven by the blockchain’s ecosystem, which has processed "more than $40 billion in volume across U.S. dollar-denominated stablecoins since launch." He added that with over 1 billion on-chain transactions this year and more than 500,000 total active addresses, Injective "offers the most robust ecosystem to offer AUSD natively."

AUSD expands in $170 billion stablecoin market

The launch follows Agora’s recent partnership with cross-chain provider Wormhole 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 a Dragonfly-led funding round to support its stablecoin platform launch, with a focus on regulatory compliance. The funding round also included participation from Wintermute Ventures, Galaxy, and Consensys.

With assets managed by VanEck, including U.S. Treasury bills and cash, and State Street providing custodial services, AUSD enters a stablecoin market valued at over $170 billion, where U.S. dollar-backed stablecoins hold the dominant share.