Agora, a stablecoin company that recently raised $12 million in its Series A funding round led by Dragonfly, has announced that it will launch its AUSD token natively on Sui. The company aims to produce a better stablecoin focusing on emerging markets, and sharing the revenue obtained with partners integrating AUSD in their services platforms.
Dragonfly-Backed Stablecoin, Agora, to Launch Natively on Sui
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Emerging Markets 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 that aims to produce a better and more transparent stablecoin, announced on Wednesday that it will launch on top of Sui, a scalability-focused blockchain.
The company, which was 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, after announcing it would be available at launch in Ethereum, Optimism, and Arbitrum.
This launch makes AUSD, Agora’s stablecoin, the second token of its kind to launch natively on Sui after FDUSD, the fourth largest stablecoin, launched in April. Van Eck remarked on the relevance of Sui’s capabilities for this partnership, stating that it “was an easy decision given Sui’s cutting-edge technology and strong market presence.” Furthermore, Van Eck stressed this alliance was a testament to Agora’s commitment to support the next iteration of Web3 apps.
Agora, which raised $12 million in its series A funding round in April, will primarily focus on emerging markets, where access to U.S. dollars presents difficulties. Van Eck stressed that stablecoins impact places like Argentina and Southeast Asia more, so they are focusing on partnering with businesses in these areas.
Like its competitors, AUSD will be backed by bank deposits, U.S. treasuries, and repurchase agreements, with its reserve fund under Van Eck’s custody. Nonetheless, Agora plans to include businesses backing AUSD as part of its business model, sharing the income product of the operation of the stablecoin with them.
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