Stablecoin issuer Agora has raised $50 million in a Series A funding round led by crypto venture firm Paradigm.
Funding and New Opportunities
The investment allows Agora to expand its white-label stablecoin offering, AUSD, amidst growing interest in dollar-backed digital assets. Agora enables companies to launch their own branded stablecoins using AUSD’s underlying infrastructure, benefiting from shared liquidity and interoperability.
Competition in the Stablecoin Market
Agora enters a competitive space dominated by industry giants Circle and Tether, which boast market caps of $62 billion and $158 billion, respectively. In contrast, Agora’s market cap sits at less than $130 million.
Future Plans and International Markets
Due to regulatory uncertainty in the US, Agora will prioritize international markets where demand for stable currencies and cross-border transactions exists. The company plans to acquire money transmitter licenses and hopes to serve US customers if a federal regulatory framework emerges.
The investment from Paradigm opens new opportunities for Agora, allowing it to compete in the stablecoin market and expand its presence in both international and potentially US markets.
