Grand Cayman, Cayman Islands, September 5th, 2024,
Chainwire
After successful launches on other major networks, AUSD has
deployed on Sui, tapping into the scalable, high-performance
network and strengthening Sui’s stablecoin ecosystem.
Agora, the stablecoin company led by
early-stage finance and technology industry veterans Nick van Eck,
Drake Evans, and Joe McGrady, has launched its industry-disrupting
AUSD stablecoin on Sui, the Layer 1 blockchain offering
industry-leading performance and infinite horizontal scaling. AUSD
adds a key dimension to Sui’s surging list of native assets, being
the first institutional-grade US dollar stablecoin to deploy in the
Sui DeFi ecosystem.
“By integrating first-class assets like AUSD natively on the
network, Sui is empowering developers and offering essential access
to DeFi for a new class of institutional users,” said Gap Kim,
Global Head of Marketing for Sui Foundation. “As the Sui ecosystem
continues to grow, opportunities for innovation and financial
accessibility on Sui will also expand exponentially, benefiting the
entire Sui community.”
Building on its prior successes on Ethereum and Avalanche,
AUSD’s integration into the Sui Network immediately enhances its
utility, accessibility, and interoperability. Within the first
six weeks of contract deployment on Ethereum and Avalanche, nearly
$60M AUSD has been minted with $5M+ of daily DEX volume. The
integration has already begun improving liquidity and market
efficiency within Sui’s rapidly expanding DeFi ecosystem, which at
the time of writing boasted over $600 million in Total Value Locked
(TVL) and consistently ranks among the top chains in weekly DEX
trading volume.
“AUSD’s remarkable growth and early success across the
industry sets the stage for the next even more impactful chapter on
Sui,” said Nick van Eck, Co-Founder of Agora. “Leveraging Sui’s
cutting-edge infrastructure and unparalleled scalability, AUSD will
thrive and drive significant advancements within the DeFi and
Payments ecosystem. This collaboration is a pivotal step forward in
our mission to create a more inclusive and accessible financial
future for all.”
AUSD joins a growing number of stablecoins on Sui, which drive
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 superior experiences without being
restricted by the technological limitations that have constrained
other networks. Agora's integration with Sui also continues to
expand the reach of AUSD and furthers the growth of the global AUSD
network and liquidity.
Contact
Sui
Foundation
media@sui.io