According to Odaily Planet Daily, Agora, a stablecoin issuing company, recently announced that it will launch its stablecoin AUSD on Sui Chain, making AUSD the second stablecoin launched on Sui after FDUSD. AUSD is scheduled to be launched in June and will be supported by bank deposits, U.S. Treasuries and repurchase agreements, and its reserve funds will be kept by Van Eck. In addition, Agora plans to incorporate enterprises that support AUSD into its business model and share the revenue products of stablecoin operations with them.
Agora previously announced that it would push AUSD to Ethereum, Arbitrum and Optimism. Sui is the first non-EVM blockchain for AUSD issuance. Earlier in April, Agora announced the completion of a $12 million seed round of financing, led by Dragonfly, with participation from General Catalyst and Robot Ventures.
