AUSD Stablecoin powered by Agora is live on Sui.

Grand Cayman, Cayman Islands, September 5, 2024, Chainwire

After successful launches on other major networks, AUSD is deployed on Sui, tapping into an expanding, high-performance network and strengthening the Sui stablecoin ecosystem.

Agora, a stablecoin company led by early-stage finance and tech industry veterans Nick Van Eyck, Drake Evans and Joe McGrady, has launched the industry-disruptive AUSD stablecoin on Sui Layer 1. . AUSD will be the first institutional-grade US dollar stablecoin to deploy in the Sui DeFi ecosystem, adding a key dimension to Sui's growing indigenous assets.

“By integrating first-tier assets like AUSD onto the network, Sui is encouraging developers and providing new institutional users with much-needed access to DeFi,” said Gap Kim, head of marketing at Sui Foundation. “As the Sui ecosystem continues to grow, the opportunities for innovation and financial access to it will expand exponentially, benefiting the entire Sui community.”

Building on its previous successes on Ethereum and Avalanche, AUSD's integration into the Sui network will immediately improve its utility, accessibility and interoperability. In the first six weeks of contract operations on Ethereum and Avalanche, nearly $60M AUSD was deposited with $5M+ daily DEX volume. The integration has already begun to improve liquidity and market efficiency in Sui's rapidly expanding DeFi ecosystem, which at the time of writing has more than $600 million in total value locked (TVL) and is one of the leading chains in weekly DEX trading.

“The impressive growth and early success in the industry has set Sui up for an even more impactful next chapter,” said Agora co-founder Nick van Eyck. “Leveraging Sui's excellent infrastructure and unparalleled scalability, AUSD will drive significant growth in the DeFi and Payments ecosystem. This collaboration is a critical step in our mission to create a more inclusive and accessible financial future for all.

AUSD joins a growing number of stablecoins on Sui that are driving the development of robust DeFi applications and expanding the adoption of blockchain technology. By leveraging Sui's scalable, high-performance network, these stablecoins enable developers and users to focus on innovating and delivering superior experiences without being constrained by the technological limitations of other networks. Agora's integration with Sui will expand AUSD's reach and increase the growth and liquidity of the global AUSD network.

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