The Sui blockchain is broadening its stablecoin offerings by adding Agoraâs AUSD, following its earlier launches on Ethereum and Avalanche.
Agora, a stablecoin company backed by Dragonfly, has launched its Agora Dollar (AUSD) stablecoin on Sui, the layer-1 blockchain network following the prior rollout on Ethereum and Avalanche.
The launch is part of Suiâs strategy to bolster its decentralized finance ecosystem and attract institutional users. To date, nearly $60 million in AUSD has been minted, with the majority of liquidity concentrated on the Ethereum network.
By integrating first-class assets like AUSD natively on the network, Sui is empowering developers and offering essential access to DeFi for a new class of institutional users.
Gap Kim, Global Head of Marketing for Sui Foundation.
As of Sept. 5, over 62% of AUSDâs liquidity is on Ethereum, with 37% on Avalanche, according to data from DefiLlama.
Agora bets on compliance with VanEck
In April, Agora raised $12 million in funding led by Dragonfly to fuel its stablecoin platform launch, emphasizing regulatory compliance. The funding round saw participation from other prominent investors, including Wintermute Ventures, Galaxy, and Consensys. Agoraâs reserve fund is managed by VanEck, one of the worldâs largest exchange-traded fund issuers, further cementing the companyâs commitment to compliance.
Agoraâs move to Sui aligns with the blockchainâs recent efforts to enhance its offerings. The launch follows Grayscale Investmentsâ introduction of two crypto investment trusts, including one offering exposure to Sui, which is âredefining the smart contract blockchain,â according to Rayhaneh Sharif-Askary, head of product & research at Grayscale.
Looking ahead, Agora plans to continue expanding its reach by launching AUSD on other blockchains such as Arbitrum and Optimism, further solidifying its presence in the decentralized finance space.
