Native Stablecoins Expanding on Sui as Agora Launches AUSD Stablecoin on the Network

Sui, the Layer 1 blockchain, has announced the upcoming launch of stablecoin AUSD on their network, scheduled for July 2024. This development is set to bring even more value and possibilities to the Sui ecosystem. Through a carefully planned implementation, AUSD has joined the exclusive group of stablecoins within the Sui ecosystem, further expanding the range of native assets on the network. Agora is guided by experienced fintech professionals, including Nick van Eck, Drake Evans, and Joe McGrady.

Incorporating AUSD into the Sui Network significantly improves both platforms’ functionality and ease of use, creating a more inclusive and interconnected ecosystem. This collaboration brings more liquidity, streamlines transactions, and enhances market efficiency. In addition, Sui’s rapidly growing DeFi ecosystem, with a Total Value Locked (TVL) of over $700 million and a top 10 ranking in weekly DEX trading volume, sets a strong foundation for the success of AUSD.

“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.”

With the introduction of AUSD, developers and users of Sui can expect enhanced stability and trust. With transparent reserves and rigorous audits, this new stablecoin strengthens the market position of both Sui and Agora. It also enhances the user experience on Sui by making DeFi more accessible and user-friendly. Users can now enjoy enhanced potential yield farming, lending, borrowing, and staking opportunities.

Agora is revolutionizing the stablecoin industry by challenging traditional rent-seeking models and prioritizing customer satisfaction with a compliant approach.

“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.”

With the backing of a major custodian bank and top-notch asset management from VanEck, Agora’s AUSD has garnered substantial institutional support from well-known entities like Dragonfly and General Catalyst. This endorsement demonstrates confidence in AUSD’s ability to revolutionize the fiercely competitive stablecoin market.