The Sui blockchain continues to expand its stablecoin offerings with the recent addition of Agora's AUSD. This expansion follows earlier launches on Ethereum and Avalanche.
New opportunities for Sui users
Agora, a company backed by Dragonfly, has launched its Agora Dollar (AUSD) stablecoin on the Sui blockchain, which is a layer-1 network. AUSD had previously been launched on Ethereum and Avalanche. This move is part of Sui’s strategy to bolster its decentralized finance (DeFi) ecosystem and attract institutional users. To date, nearly $60 million in AUSD has been minted, with the majority of liquidity concentrated on the Ethereum network.
Focus on compliance
In April, Agora raised $12 million in funding led by Dragonfly to fuel its stablecoin platform launch, with an emphasis on regulatory compliance. Other prominent investors in the funding round included Wintermute Ventures, Galaxy, and Consensys. Agora’s reserve fund is managed by VanEck, one of the world’s largest exchange-traded fund issuers, further cementing the company’s commitment to compliance. Agora’s move to Sui aligns with the blockchain’s recent efforts to enhance its offerings.
Agora's future plans
Agora plans to continue expanding its reach by launching AUSD on other blockchains such as Arbitrum and Optimism, further solidifying its presence in the decentralized finance space. This move follows Grayscale Investments' recent introduction of two crypto investment trusts, including one offering exposure to Sui, which is 'redefining the smart contract blockchain,' according to Rayhaneh Sharif-Askary, Head of Product & Research at Grayscale.
The launch of AUSD on Sui highlights the efforts of both companies to expand their decentralized finance capabilities and attract new users. Going forward, Agora is expected to continue integrating its products across various blockchains, strengthening its market position.
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