Aiying concluded that Agora, a stablecoin issuing company, recently announced that it will launch its stablecoin AUSD on the Sui chain, making AUSD the second stablecoin launched on Sui after FDUSD. AUSD is scheduled to be launched in June and will be supported by bank deposits, U.S. Treasuries and repurchase agreements, and its reserve funds will be kept by VanEck. In addition, Agora plans to incorporate companies that support AUSD into its business model and share the revenue products of stablecoin operations with them. It is reported that Agora previously announced that it will push AUSD to Ethereum, Arbitrum and Optimism, and Sui is the first non-EVM blockchain for AUSD issuance.
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Agora, a stablecoin company that recently raised $1200 million in a Series A round led by Dragonfly, announced that it will launch its AUSD token natively on Sui. The company aims to produce better stablecoins, focus on emerging markets, and share the revenue it earns from integrating AUSD into its service platforms with partners.
Emerging Market-focused Stablecoin Company Agora to Launch on Sui
Stablecoins are exploding as part of the cryptocurrency ecosystem, even with the current USDT/USDC duopoly. Agora, a company aiming to produce better, more transparent stablecoins, announced Wednesday that it will launch on Sui, a blockchain focused on scalability.
The company, co-founded by Nick Van Eck, son of Van Eck CEO Jan Van Eck, will use Sui’s blockchain as its first non-Ethereum Virtual Machine (EVM) network, following its previously announced launch on Ethereum, Optimism, and Arbitrum.
This launch makes Agora’s stablecoin AUSD the second token of its kind to be launched natively on Sui after the fourth-largest stablecoin FDUSD, which launched in April. Van Eck commented on Sui’s relevance for this partnership, stating that “this was an easy decision given Sui’s cutting-edge technology and strong market presence.” Additionally, Van Eck emphasized that this alliance is a testament to Agora’s commitment to supporting the next iteration of Web3 applications.
Agora raised $4 million in its Series A round in April, and the company will focus primarily on emerging markets where access to USD is difficult. Van Eck emphasized that stablecoins will have a greater impact in places like Argentina and Southeast Asia, so they are focusing on working with businesses in these regions.
Like its competitors, AUSD will be backed by bank deposits, U.S. Treasuries and repurchase agreements, with its reserves held in a fund under Van Eck's. Nonetheless, Agora plans to incorporate businesses that support AUSD into its business model, sharing with them the revenue from stablecoin operations.