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

By Chainwire

Austin, Texas, May 29th, 2024, Chainwire

Agora brings to Sui an exceptional blend of technology, financial markets, and operations experience paired with blue-chip traditional finance partners and backers.

Sui, the Layer 1 blockchain offering industry-leading performance and infinite horizontal scaling, announced the launch of stablecoin AUSD on the network, set to occur in July 2024. With this strategic deployment, which is only available on select chains, AUSD becomes the second native stablecoin within the Sui ecosystem as the number of native assets on the network rapidly grows. Agora is led by early-stage finance and technology industry veterans Nick van Eck, Drake Evans, and Joe McGrady.

Integrating AUSD on the Sui Network enhances the utility and accessibility of both platforms, fostering a more inclusive and interoperable financial ecosystem. The collaboration introduces additional liquidity, simplifies transactions, and improves market efficiency. Moreover, Sui’s fast-expanding DeFi environment, boasting over $700 million in Total Value Locked (TVL) and a top 10 ranking in weekly DEX trading volume, provides a robust foundation for AUSD’s success.

“AUSD's integration demonstrates our dedication to fostering an inclusive financial future and perfectly aligns with our vision of a scalable blockchain environment,” said Greg Siourounis, Managing Director of Sui Foundation. “As more first-class assets become native to the Sui Network, developers and users benefit significantly from enhanced interoperability and optionality.”

Developers and users of Sui will benefit from the stability and trust AUSD brings. Backed by transparent reserves and rigorous audits, this new stablecoin not only strengthens the market position of both Sui and Agora but also makes DeFi on Sui more accessible and user-friendly, enriching the overall user experience with enhanced potential yield farming, lending, borrowing, and staking opportunities.

Unique among stablecoins, Agora is upending existing rent-seeking models, approaching the market from a compliant, customer-first perspective. 

“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 our KYB partners based on services they provide to grow the AUSD network. Agora’s platform partners are compensated in a way that corresponds to the services and ultimately the benefit they provide to Agora, creating an alignment of incentives, and further growing the global AUSD network and liquidity.” 

Leveraging one of the largest custodian banks in the world and institutional-grade asset management from VanEck, Agora's AUSD has attracted significant institutional support from renowned entities such as Dragonfly, General Catalyst, and others. This backing signals a decisive vote of confidence in AUSD's potential to reshape the highly competitive stablecoin landscape.

Contact

Sui Foundation
media@sui.io

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