According to Odaily, stablecoin issuer Agora recently announced plans to launch its stablecoin, AUSD, on the Sui chain. This move will make AUSD the second stablecoin to be launched on the Sui chain, following FDUSD. The launch of AUSD is scheduled for June and will be backed by bank deposits, U.S. Treasury bonds, and repurchase agreements. The reserve funds will be held by Van Eck.
In addition, Agora plans to incorporate businesses that support AUSD into its business model and share the revenue products of stablecoin operations with them. It was previously announced that Agora would push AUSD towards Ethereum, Arbitrum, and Optimism, with Sui being the first non-EVM blockchain to issue AUSD.
In other news, Agora announced in April that it had completed a $12 million seed round of financing. The round was led by Dragonfly, with participation from General Catalyst and Robot Ventures.