Austin, Texas, May 29, 2024, Chainwire
Agora will work with leading traditional finance partners and backers and bring leading technology, financial markets and operational experience to Sui.
SwAgora, a Layer-1 blockchain offering industry-leading performance and infinite horizontal scaling, announced the launch of stablecoin AUSD on its network in July 2024. Available only on select chains, this strategic deployment makes AUSD the second native stablecoin within the Sui ecosystem as the number of native assets on the network rapidly grows. Agora is led by early-stage finance and technology industry veterans Nick Van Eck, Drake Evans, and Joe McGrady.
The integration of AUSD into the Sui network will increase the utility and accessibility of both platforms, fostering a more inclusive and interoperable financial ecosystem. This collaboration will increase liquidity, simplify trading, and improve market efficiency. Additionally, Sui’s rapidly expanding DeFi environment, ranking in the top 10 in total locked value (TVL) and weekly DEX trading volume of over $700 million, provides a solid foundation for the success of AUSD.
“The integration of AUSD demonstrates our commitment to fostering an inclusive financial future and is fully aligned with our vision of a scalable blockchain environment,” said Greg Siourounis, Managing Director of Sui Foundation. “As more top-tier assets become native to the Sui network, developers and users will greatly benefit from enhanced interoperability and options.”
Sui developers and users will benefit from the stability and reliability that AUSD brings. Backed by transparent reserves and rigorous audits, the new stablecoin will not only strengthen the market position of both Sui and Agora, but also make DeFi on Sui more accessible and usable, enhancing potential yield-earning, lending, borrowing and staking opportunities to enrich the overall user experience.
Unique among stablecoins, Agora upends the existing rent-seeking model and approaches the market from a compliant, customer-first perspective.
“Enterprises and applications drive the utility and liquidity of the digital dollar, not the other way around,” said Nick Van Eck. “Our model is premised on KYB partners giving back to their partners based on the services they provide to grow the AUSD network. Agora’s platform partners are compensated based on the services they provide to Agora, and ultimately on merit, aligning incentives to further grow the global AUSD network and liquidity.”
Leveraging one of the world’s largest custodian banks and institutional asset management from VanEck, Agora’s AUSD has attracted significant institutional backing from well-known firms such as Dragonfly and General Catalyst, a crucial sign of confidence in AUSD’s potential to game-change the competitive stablecoin landscape.
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Source: www.the-blockchain.com
