DeFi
Native Stablecoins Rise on Sui as Agora Adds AUSD Stablecoin to Network
Agora brings to Sui an exceptional blend of technology, capital markets and operations experience, coupled with best-in-class traditional partners and funders.
Sui, the Layer 1 blockchain offering industry-leading performance and infinite horizontal scaling, announced the launch of the AUSD stablecoin on the network, expected to take place in July 2024. With this strategic rollout, 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 increases. Agora is led by finance and technology industry veterans Nick van Eck, Drake Evans and Joe McGrady.
The integration of AUSD on the Sui Network improves the utility and accessibility of both platforms, fostering a more inclusive and interoperable financial ecosystem. Collaboration introduces additional liquidity, simplifies transactions and improves market efficiency. Additionally, Sui’s rapidly expanding DeFi environment, with over $700 million in total value locked (TVL) and a top 10 ranking in weekly DEX transaction volume, provides a strong foundation for success of the AUSD.
“The integration of AUSD demonstrates our commitment to fostering an inclusive financial future and perfectly aligns with our vision of a scalable blockchain environment,” said Greg Siourounis, Managing Director of the Sui Foundation. “As more first-class assets become native to the Sui network, developers and users benefit significantly from improved interoperability and optionality.”
Sui developers and users will benefit from the stability and trust that AUSD brings. Backed by transparent reserves and rigorous audits, this new stablecoin not only strengthens the market position of Sui and Agora, but also makes DeFi on Sui more accessible and user-friendly, enriching the overall user experience with improved potential yield for farming, lending, borrowing, and staking opportunities.
Unique among stablecoins, Agora disrupts existing rent-seeking models, approaching the market from a compliant, customer-focused perspective.
“Businesses and applications are driving utility and liquidity to digital dollars. Not the other way around,” said Nick van Eck. “Our model is based on the principle of giving back to our KYB partners based on the services they provide to grow the AUSD network. Agora Platform Partners are compensated in a way that matches the services and ultimately benefits they provide to Agora, creating incentive alignment and further growing the global AUSD network and liquidity.
Leveraged by one of the world’s largest custodian banks and VanEck’s institutional-grade asset management, Agora’s AUSD has attracted significant institutional support from renowned entities such as Dragonfly, General Catalyst and others. This support marks a decisive vote of confidence in AUSD’s potential to reshape the highly competitive stablecoin landscape.
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