The Sui ecosystem experiences an enhancement in its native stablecoins, especially with the introduction of AUSD by Agora.

Austin, Texas, May 29th, 2024, Chainwire

Agora is enriching the Sui landscape by blending advanced technology with financial market expertise and collaboration with esteemed partners in traditional finance.

Sui Launching in July 2024, AUSD will be available exclusively on selected chains. This initiative marks it as the second native stablecoin in a rapidly expanding Sui ecosystem. Agora is spearheaded by seasoned professionals from finance and technology—Nick van Eck, Drake Evans, and Joe McGrady.

By bringing AUSD into the Sui Network, we amplify the functionality and reach of both platforms, creating a financial ecosystem that is more inclusive and interconnected. This partnership also boosts liquidity, streamlines transactions, and enhances market dynamics. Furthermore, Sui’s thriving DeFi sector, which has amassed over $700 million in Total Value Locked (TVL) and ranks among the top ten in weekly DEX trading volumes, offers a solid groundwork for AUSD's prosperity.

Greg Siourounis, Managing Director of the Sui Foundation, stated, \"The integration of AUSD underscores our commitment to building a more inclusive economic future and aligns seamlessly with our vision for a scalable blockchain system. The growing array of premier assets native to the Sui Network significantly benefits both developers and users through enhanced interoperability and options.\"

With AUSD, developers and users on Sui will gain stability and reliability. Supported by transparent reserves and comprehensive audits, this stablecoin not only bolsters the market presence of Sui and Agora but also makes engaging with DeFi on Sui much more user-friendly, enhancing opportunities ranging from yield farming to lending, borrowing, and staking.

What sets Agora apart from traditional stablecoins is its revolutionary approach that challenges current rent-seeking models, prioritizing a compliant, customer-centric strategy.

According to Nick van Eck, \"Utility and liquidity for digital dollars come from businesses and applications, not the other way around. Our approach revolves around rewarding our KYB partners based on the services they provide to amplify the AUSD network. Agora's partners are incentivized in a manner proportional to the value they bring, thus cultivating a shared interest in expanding the global AUSD network and its liquidity.\"

With the support of one of the world's leading custodian banks and top-tier asset management from VanEck, Agora's AUSD has garnered considerable backing from well-known investors like Dragonfly, General Catalyst, among others. This reinforces the confidence in AUSD's ability to transform the competitive stablecoin market.

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Sui Foundation