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

ARK Venture Fund Receives SEC Approval for Innovative Investment Classes

ARK Venture Fund has received SEC approval to create two new investment product classes: Exchange Class and Tokenized Class.

user avatarElias Mukuru

Sui Maintains Over $1 Billion in DeFi Liquidity

Sui continues to hold more than $1 billion in decentralized finance liquidity, with active on-chain trading.

user avatarDiego Alvarez

EigenLayer Surpasses $11 Billion in Total Value Locked

EigenLayer has achieved a significant milestone by moving back above the $11 billion mark in total value locked, indicating strong economic security in the Ethereum restaking sector.

user avatarKenji Takahashi

ZetaChain Token Holders Approve Migration to Solana

ZetaChain token holders have approved the migration of ZETA to the Solana blockchain, transitioning to a native SPL token while maintaining its ticker and total supply.

user avatarGustavo Mendoza

Hyperliquid Achieves $140 Billion in Perpetual Trading Volume

Hyperliquid generated approximately $140 billion in perpetual trading volume over a 24-hour period on September 21.

user avatarMaria Fernandez

Chainlink Releases Version 2640 for Node Operators

Chainlink has launched version 2640, focusing on infrastructure improvements for oracle nodes.

user avatarRajesh Kumar

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.