Agora-Backed AUSD Stablecoin is Live on Sui

On September 5th, 2024, Agora launched its AUSD stablecoin on the Sui blockchain, following successful deployments on Ethereum and Avalanche. This move aims to enhance Sui's stablecoin ecosystem by introducing the first institutional-grade US dollar stablecoin. The integration is expected to empower developers and provide essential access to decentralized finance (DeFi) for institutional users, as stated by Gap Kim from the Sui Foundation. The deployment of AUSD on Sui is significant due to the blockchain's high-performance capabilities and infinite horizontal scaling. Within the first six weeks of its previous launches, AUSD minted nearly $60 million and achieved over $5 million in daily decentralized exchange (DEX) volume. This early success indicates a strong demand for AUSD and suggests that its integration will improve liquidity and market efficiency within Sui's growing DeFi ecosystem, which has over $600 million in Total Value Locked (TVL). Nick van Eck, Co-Founder of Agora, emphasized that AUSD's growth sets the stage for further advancements on Sui. The collaboration is seen as a pivotal step towards creating a more inclusive financial future, leveraging Sui's infrastructure to drive innovation in DeFi and payments. The presence of AUSD alongside other stablecoins on Sui is expected to foster the development of robust DeFi applications and promote blockchain technology adoption. Overall, the launch of AUSD on Sui represents a strategic move to enhance the utility and accessibility of stablecoins in the DeFi space, benefiting both developers and users while expanding the global AUSD network and liquidity.