First AUSD Deal: Agora and Galaxy Introduce a New Stablecoin

user avatar

by Giorgi Kostiuk

2 years ago

Asset manager Galaxy and stablecoin issuer Agora have completed the first over-the-counter transaction involving AUSD, as announced on January 8.

First Real-World Application of AUSD

According to Nick van Eck, CEO of Agora, this trade marks the transition of AUSD from proof-of-concept to real-world application. AUSD is a new stablecoin seeking to capture market share from incumbents such as USDC and USDT, joining other newcomers like Ethena's USDe.

Growing Stablecoin Market

Stablecoin market capitalizations increased sharply after Donald Trump's election win in November. By the end of 2024, the combined market capitalizations of the top three stablecoins grew by more than $25 billion. According to CoinGecko, as of January 6, the total stablecoin market capitalization exceeds $210 billion.

DeFi Use Cases

Stablecoins are particularly bullish for decentralized finance (DeFi), where they serve as the on-ramp. An example is Ethena's protocol, whose stablecoin USDe reached a market cap of approximately $6 billion. AUSD positions itself as fully backed and builder-focused, appealing to developers and traders with optimized smart contracts.

As US regulation of digital assets develops, Agora aims to position AUSD as a cornerstone in the institutional stablecoin market.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Bitcoin Open Interest Sees Slight Decline While Funding Rates Remain Positive

A recent snapshot of the Bitcoin derivatives market revealed that open interest has decreased by 0.69% over the past 24 hours, now standing at 768 billion. Despite this decline, the funding rate remains positive at 0.00035 per eight-hour interval, suggesting that long positions are still willing to pay shorts on perpetual contracts.

user avatarMaria Gutierrez

French Lawmakers Approve Amendment on Crypto Taxation

French lawmakers have approved an amendment to the 2027 budget that changes the taxation of gains when converting cryptocurrencies to stablecoins.

user avatarDavid Robinson

US Spot Ethereum ETFs Face Major Withdrawals Amid Market Shifts

US spot Ethereum ETFs faced net withdrawals of $3.201 billion in mid-October, surpassing Bitcoin fund withdrawals.

user avatarAndrew Smith

Richard Heart Detained in Istanbul Linked to Finnish Tax Investigation

Richard Heart, founder of HEX and PulseChain, has been detained by Turkish authorities in connection with a Finnish tax investigation.

user avatarJacob Williams

TD Cowen Increases Strive's Share Price Target Amid Bitcoin Holdings Surge

TD Cowen analysts raised Strive's share price target from 44 to 56 due to significant expansion of Bitcoin holdings to 35,595 BTC, noted in a research update on October 16.

user avatarZainab Kamara

Tether Invests in AI Infrastructure Startup AIsa

Tether has invested in AI infrastructure startup AIsa, contributing to its total funding of over $9 million to support autonomous AI applications.

user avatarSon Min-ho

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.