According to an announcement on January 8, asset management company Galaxy and stablecoin issuer Agora completed the first over-the-counter transaction involving Agora's stablecoin AUSD.
This transaction marks the transition of AUSD from proof of concept to practical application," said Agora CEO Nick van Eck in a statement. Agora positions AUSD as a "builder-centric" stablecoin designed to attract traders and developers through "gas-optimized" smart contracts.
It also stated that the stablecoin is fully backed, with collateral held by one of the largest asset management companies in the world, and it undergoes regular reserve audits. "As U.S. regulations around digital assets continue to take shape," Agora stated, its goal is to position "AUSD as the cornerstone of the institutional stablecoin market."