Dragonfly-incubated stablecoin AUSD goes live on Sui

The Sui blockchain is expanding its stablecoin offerings by adding Agora’s AUSD, following previous launches on Ethereum and Avalanche.

Agora, a stablecoin company backed by Dragonfly, has launched its Agora Dollar (AUSD) stablecoin on the layer 1 blockchain network Sui, following its initial launch on Ethereum and Avalanche.

The launch is part of Sui’s strategy to support the decentralized finance ecosystem and attract institutional users. To date, approximately $60 million worth of AUSD has been minted, with the majority of liquidity concentrated on the Ethereum network.

Agora Dollar’s ​​concentration across blockchains | Source: DefiLlama

Sui empowers developers by integrating premium assets like AUSD natively into the network, providing essential access to DeFi for the next generation of enterprise users.

Sui Foundation Global Marketing President Gap Kim.

According to data from DefiLlama, as of September 5, more than 62% of AUSD’s liquidity is in Ethereum, while 37% is in Avalanche.

Agora bets on VanEck’s compliance

In April, Agora raised $12 million in funding led by Dragonfly to support the launch of its stablecoin platform, emphasizing regulatory compliance. Other notable investors including Wintermute Ventures, Galaxy, and Consensys also participated in the funding round. Agora’s reserve fund is managed by VanEck, one of the world’s largest exchange-traded fund issuers, further solidifying the company’s commitment to compliance.

Agora’s move to Sui coincides with the blockchain’s recent efforts to enhance its offerings. The launch follows Grayscale Investments’ introduction of two crypto investment trusts, including one that offers exposure to Sui, which is “redefining the smart contract blockchain,” according to Rayhaneh Sharif-Askary, head of product and research at Grayscale.

Agora plans to expand its reach and further solidify its presence in the decentralized finance space by launching AUSD on other blockchains such as Arbitrum and Optimism in the coming period.