Coinspeaker Agora Finance Announces Integration with Polygon-backed AggLayer to Use AUSD as Native Stablecoin
Agora Finance, a fast-growing Web3 company focused on issuing highly liquid stablecoins, has announced that its institutional-grade AUSD will be integrated as a native stablecoin on Polygon (POL)-backed AggLayer network. The integration of AUSD with AggLayer, a Zero-Knowledge (ZK) powered cross-chain network focused on enabling seamless interoperability, will further enhance the mainstream adoption of digital assets and web3 technology.
The announcement of the AUSD integration with AggLayer was made during the inaugural Aggregation Summit to be held in Bangkok, Thailand between November 10 and 11. Following the integration, the AUSD Stablecoin can be usable by different web3 protocols supported by the AggLayer chain to facilitate seamless trading and payments among other use cases.
The integration will also enable any blockchain that already supports AUSD – such as Ethereum ETH $2 825 24h volatility: 7.8% Market cap: $340.12 B Vol. 24h: $37.90 B , Sui SUI $2.24 24h volatility: 0.2% Market cap: $6.39 B Vol. 24h: $1.49 B , Avalanche AVAX $26.93 24h volatility: 3.5% Market cap: $10.96 B Vol. 24h: $558.89 M , Mantle, Injective Network, and others – to seamlessly tap into AUSD liquidity on the AggLayer.
“AUSD is a fully-backed, neutral stablecoin that’s designed to bring all the liquidity in the AggLayer together, amplifying its impact for everyone. Unlike models that funnel profits to a single exchange or partner, AUSD is about building a more egalitarian economic network. Income from AUSD is shared across network participants, and we’re teaming up with businesses and chains to let them use this cash flow in the manner that suits their business,” Nick van Eck, CEO and co-founder of Agora, noted.
Market Impact on AUSD Following the AggLayer Integration
The strategic integration of the AUSD with AggLayer will significantly help it compete with other fiat-backed stablecoins in the market led by PayPal’s PYUSD PYUSD $1.00 24h volatility: 0.0% Market cap: $549.05 M Vol. 24h: $45.27 M , First Digital USD FDUSD $1.00 24h volatility: 0.0% Market cap: $2.35 B Vol. 24h: $9.07 B , Tether USDT USDT $1.00 24h volatility: 0.0% Market cap: $121.42 B Vol. 24h: $104.23 B , and Circle’s USDC USDC $1.00 24h volatility: 0.0% Market cap: $36.72 B Vol. 24h: $9.54 B , among others. Moreover, the stablecoins market has grown to over $180 billion in valuation in the recent past and a daily average traded volume of over $112 billion.
“AUSD is a major leap forward for the AggLayer community, bringing liquidity and interoperability to a whole new level. By making AggUSD native to every chain in the AggLayer, developers, and users across the community can easily transact, store value, and build applications without needing to manage fragmented liquidity. This is a critical step toward realizing the vision of a fully interconnected, seamless Web experience,” Marc Boiron, CEO of Polygon Labs that co-developed the AggLayer, noted.
As of this report, AUSD ranked among the most trusted stablecoins in the industry with a market cap of about $35.6 billion and a daily traded volume of around $18 million.
In a bid to enhance trust among crypto users, Agora Finance has partnered with reputable companies in the Web3 sectors. For instance, Agora Finance is currently working with State Street, which serves as the cash custodian and fund administrator, while VanEck serves as the company’s investment manager.
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Agora Finance Announces Integration with Polygon-backed AggLayer to Use AUSD as Native Stablecoin
