Financial startup Agora said it would make its upcoming AUSD stablecoin available on Sui. AUSD becomes the second stablecoin, after FDUSD, set to launch on Sui. AUSD is Agora's first product, and leads its effort to build global financial infrastructure.
The stablecoin, expected to release in June of this year, will maintain a value equivalent to the US dollar. Agora previously announced it would make AUSD available on Ethereum, Arbitrum, and Optimism. Sui is the first non-Ethereum virtual machine blockchain for AUSD.
Agora's stated goal, of building "a more secure, inclusive financial system" giving people around the world access to the US dollar, complements Sui's globally accessible blockchain infrastructure, which works as a secure medium of exchange for cryptocurrencies. With backing from investment management companies including Dragonfly and General Catalyst, Agora looks to have substantial backing for its stablecoin.
Sui offers Agora a conducive environment to launch a stablecoin, with highly scalable infrastructure leading the industry in throughput. Native technologies, such as zkLogin, align with Agora's long-term goal of creating an accessible and inclusive financial platform. The success of DeFi protocols on Sui also shows its conducive environment as a cryptocurrency exchange platform.
As a value storage mechanism tied to the US dollar, AUSD will offer people in underserved communities around the world access to financial stability, with Sui serving as its coordination layer.
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