Native Stablecoins Surge on Sui as Agora Adds AUSD Stablecoin to Network

adminMay 30, 2024

Austin, Texas, May 29, 2024, Chainwire

Agora brings to Sui an unrivaled blend of technology, financial markets and operational experience combined with blue-chip traditional financial partners and sponsors.

Sui, a layer 1 blockchain with industry-leading performance and infinite horizontal scaling, announced the launch of its stablecoin AUSD on its network in July 2024. This strategic deployment, available only on selected chains, makes AUSD the second blockchain to be deployed. The number of native stablecoins within the Sui ecosystem is increasing as the number of native assets on the network grows rapidly. Agora is led by early-stage finance and technology industry veterans Nick van Eck, Drake Evans, and Joe McGrady.

Integrating AUSD into the Sui Network will increase the usability and accessibility of both platforms, creating a more inclusive and interoperable financial ecosystem. This collaboration will introduce additional liquidity, simplify trading and improve market efficiency. Additionally, with over $700 million in Total Value Locked (TVL) and a top 10 weekly DEX trading volume, Sui’s rapidly expanding DeFi environment provides a solid foundation for AUSD’s success.

“The integration of AUSD demonstrates our commitment to fostering an inclusive financial future and aligns perfectly with our vision for a scalable blockchain environment,” said Greg Siourounis, Executive Director of Sui Foundation. “As more first-class assets are added natively to Sui Network, developers and users will significantly benefit from improved interoperability and selectivity.”

Sui developers and users can benefit from the stability and trust that AUSD provides. This new stablecoin, backed by transparent reserves and rigorous auditing, not only strengthens the market position of Sui and Agora, but also makes Sui’s DeFi more accessible and user-friendly, potentially unlocking the potential for yield farming, lending, borrowing, etc. enriches the overall user experience. And staking opportunities.

Unique among stablecoins, Agora is approaching the market from a compliant, customer-first perspective, flipping the traditional rent-seeking model.

“Businesses and applications drive utility and liquidity to digital dollars. Not the other way around,” said Nick van Eck. “Our model is premised on giving back to KYB partners based on the services they provide to grow the AUSD network. Agora’s platform partners are compensated in a way commensurate with the services and ultimately benefits they provide to Agora, aligning incentives and further growing the global AUSD network and liquidity.”

Agora’s AUSD has received significant institutional support from renowned institutions such as Dragonfly, General Catalyst, and others, leveraging one of the world’s largest custodian banks and VanEck’s institutional-level asset management. This support represents a decisive vote of confidence in AUSD’s potential to reshape the competitive stablecoin landscape.