Nick van Eck, CEO of stablecoin issuer Agora, has criticized yield-bearing stablecoins, arguing they miss the point of a stablecoin's core mission. Instead, van Eck suggests firms should focus on utility, liquidity, and transaction means. Yield-bearing stablecoins, like Dai (DAI), Ethena's USDe, and Mountain Protocol's USDM, could be classified as security products in many countries, limiting customer reach. Van Eck also criticized stablecoin issuers' strong ties with cryptocurrency trading firms, describing it as a conflict of interest. Agora plans to launch its digital dollar (AUSD) on Ethereum next month, focusing on utility, liquidity, and transaction means.