Grand Cayman, Cayman Islands, September 5, 2024, Chainwire
Following successful launches on other major networks, AUSD was introduced to Sui to leverage its scalable, high-performance network to strengthen Sui’s stablecoin ecosystem.
Agora, a stablecoin company led by early-stage finance and technology industry veterans Nick Van Eck, Drake Evans and Joe McGrady, has launched the industry-disrupting AUSD stablecoin on Sui, a layer-1 blockchain that offers industry-leading performance and infinite horizontal scaling. AUSD is the first institutional-grade US Dollar stablecoin to be introduced into the Sui DeFi ecosystem, adding a significant dimension to Sui's burgeoning list of native assets.
“By natively integrating a top-tier asset like AUSD into its network, Sui empowers developers and provides a new class of institutional users with critical access to DeFi,” said Gap Kim, global head of marketing at the Sui Foundation. “As the Sui ecosystem continues to grow, opportunities for innovation and financial access in Sui will also expand exponentially, benefiting the entire Sui community.”
Building on its success to date on Ethereum and Avalanche, AUSD's integration into the Sui network immediately increases its utility, accessibility, and interoperability. In the first six weeks of the contract's deployment on Ethereum and Avalanche, approximately $60 million worth of AUSD has been minted, with daily DEX trading volume exceeding $5 million. The integration has already begun to improve liquidity and market efficiency within Sui's rapidly expanding DeFi ecosystem, which boasts over $600 million in total value locked (TVL) at the time of writing and consistently ranks among the top chains by weekly DEX trading volume.
“AUSD's impressive growth and early success across the industry sets the stage for an even more impactful next chapter for Sui,” said Agora co-founder Nick Van Eck. “Leveraging Sui's cutting-edge infrastructure and unparalleled scalability, AUSD will thrive and drive significant advancements within the DeFi and payments ecosystem. This collaboration marks a pivotal step towards our mission to create a more inclusive and accessible financial future for all.”
AUSD joins the stablecoins on Sui that will foster the development of robust DeFi applications and expand the adoption of blockchain technology. By leveraging Sui's scalable, high-performance network, these stablecoins contribute to a high-performance environment where developers and users can innovate and focus on delivering great experiences without being limited by technical limitations that have constrained other networks. The integration of Agora and Sui will continue to expand the reach of AUSD and foster the growth of the global AUSD network and liquidity.
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