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…