Austin, Texas, May 29, 2024, Chainwire
Agora brings to Sui an exceptional combination of technology, financial markets and operations expertise alongside leading traditional financial partners and sponsors. Sui, the Layer 1 blockchain offering industry-leading performance and infinite horizontal scaling, announced the launch of a stablecoin on the network, which will occur in July 2024. With this strategic deployment, which is only available On select chains, AUSD becomes the second native stablecoin within the Sui ecosystem as the number of native assets on the network grows rapidly. Agora is led by early-stage financial and technology industry veterans Nick van Eck, Drake Evans and Joe McGrady.
The integration of AUSD into Sui Network improves the usefulness and accessibility of both platforms, fostering a more inclusive and interoperable financial ecosystem. The collaboration introduces additional liquidity, simplifies transactions and improves market efficiency. Additionally, Sui's rapidly expanding DeFi environment, boasting over $700 million in total value locked (TVL) and a top 10 ranking in weekly DEX trading volume, provides a solid foundation for AUSD's success.
“The integration of AUSD demonstrates our dedication to fostering an inclusive financial future and aligns perfectly with our vision for a scalable blockchain environment,” said Greg Siourunis, CEO of the Sui Foundation. “As more world-class assets become native to Sui Network, developers and users benefit significantly from greater interoperability and optionality.”
Sui developers and users will benefit from the stability and trust that AUSD brings. Backed by transparent reserves and rigorous audits, this new stablecoin not only strengthens the market position of Sui and Agora, but also makes DeFi on Sui more accessible and easier to use, enriching the overall user experience with higher performance agriculture potential, loans and loans. and betting opportunities.
Unique among stablecoins, Agora is revolutionizing existing rent-seeking models, approaching the market from a compliance and customer-centric perspective.
“Businesses and applications drive the utility and liquidity of digital dollars. Not the other way around,” said Nick van Eck. “Our model is based on rewarding our KYB partners based on the services they provide to grow the AUSD network. “Agora platform partners receive compensation that is commensurate with the services and ultimately the benefit they provide to Agora, creating incentive alignment and further growing AUSD’s global liquidity and network.”
Leveraging one of the world's largest custodian banks and VanEck's institutional-grade asset management, Agora AUSD has attracted significant institutional support from renowned entities such as Dragonfly, General Catalyst and others. This endorsement indicates a decisive vote of confidence in AUSD's potential to reshape the highly competitive stablecoin landscape.
ContactSui Foundation[email protected]
This article was originally published on Chainwire.
