Dragonfly-incubated stablecoin AUSD goes live on Sui

The Sui blockchain is broadening its stablecoin offerings by adding Agora’s 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 Sui’s 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 AUSD’s 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. Agora’s reserve fund is managed by VanEck, one of the world’s largest exchange-traded fund issuers, further cementing the company’s commitment to compliance.

Agora’s move to Sui aligns with the blockchain’s recent efforts to enhance its offerings. The launch follows Grayscale Investments’ introduction of two crypto investment trusts, including one offering exposure to Sui, which is “redefining the smart contract blockchain,” 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.