good news
Absolutely positive
On May 29, 2024, in Austin, Texas, Chainwire reported that Agora had successfully added the AUSD stablecoin to the network! Sui, a layer 1 blockchain known for its industry-leading performance and unlimited horizontal scalability, has announced that it will launch the AUSD stablecoin on its network in July 2024! As the number of native assets on the network has grown rapidly, the native stablecoins in the Sui ecosystem are also booming.
Agora is led by early finance and tech veterans Nick van Eck, Drake Evans, and Joe McGrady! Integrating AUSD into the Sui network is a significant move that greatly enhances the utility and accessibility of both platforms, fostering a more inclusive and interoperable financial ecosystem. This collaboration not only introduces additional liquidity, but also simplifies trading processes and greatly improves market efficiency. What’s more, Sui’s rapidly expanding DeFi environment, with a total locked value (TVL) of over $700 million and weekly DEX trading volume ranked in the top ten, has undoubtedly laid a solid foundation for the success of AUSD.
Greg Siourounis, Managing Director of Sui Foundation, said: "The integration of AUSD is a perfect reflection of our commitment to fostering an inclusive financial future and is perfectly aligned with our vision for a scalable blockchain environment!" He also emphasized that "as more and more first-class assets become native assets of Sui Network, developers and users will benefit greatly from this enhanced interoperability and optionality."
Sui developers and users will also benefit greatly from the stability and trust brought by AUSD. With the strong support of transparent reserves and strict audits, this new stablecoin not only further enhances the market position of Sui and Agora, but also makes DeFi on Sui more accessible and user-friendly, greatly enriching the overall user experience by strengthening potential yield farming, lending, etc.
Agora is unique in the stablecoin space, entering the market from a compliance, customer-first perspective with an attitude that disrupts the existing rent-seeking model. As Nick Van Eck said, "Businesses and applications are the key to driving the utility and liquidity of the digital dollar. The reverse is not true. Our model is based on rewarding KYB partners for their services to grow the AUSD network. Agora's platform partners will be compensated for their services and ultimate benefits to Agora, thus building a strong incentive mechanism to further promote the development of the global AUSD network and liquidity." With one of the largest custodian banks in the world and institutional-grade asset management from VanEck, Agora's AUSD has successfully attracted strong institutional support from many well-known entities such as Dragonfly and General Catalyst. This support is undoubtedly a decisive vote of confidence in the potential of AUSD to reshape the competitive stablecoin landscape. With Agora adding the AUSD stablecoin to the network, native stablecoins are booming!
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