Nick Van Eck has entered the stablecoin market with the endorsement of his family's reputable business. Agora, a project led by Van Eck along with Drake Evans and Joe McGrady, recently raised $12 million in seed funding from Dragonfly, a digital-asset venture firm. Operating with a Delaware incorporation and headquartered in the British Virgin Islands, Agora's stablecoins are currently targeted at non-U.S. users. Van Eck mentioned that they will focus on international customers until stablecoin regulations are established in the United States.

Agora's stablecoins will be asset-backed by cash, U.S. Treasury bills, and overnight repurchase agreements. Kyle DaCruz, VanEck's director of digital assets product, stressed the importance of trustworthy asset management for digital currencies. Despite facing competition from established players like Tether and USDC, Van Eck believes Agora has a unique opportunity in the market by partnering with existing crypto exchanges instead of pursuing direct customer acquisition. The company has no intentions of issuing a governance token.

In an effort to prioritize fair partnerships, Agora will engage in income-sharing models with collaborators and will not offer yields or income directly to stablecoin holders. Notable investors in Agora's equity round include General Catalyst and Robot Ventures.