As an experienced blockchain analyst, I believe that Sui’s announcement of integrating the stablecoin AUSD onto their network is a strategic and promising move for both parties involved. The collaboration between Sui and Agora will undoubtedly enhance the utility and accessibility of both platforms, creating a more inclusive and interoperable financial ecosystem.
Sui, the high-performing and infinitely scalable Layer 1 blockchain, has unveiled plans to introduce stablecoin AUSD to its network in July 2024. As a select offering exclusive to Sui, AUSD marks the second native stablecoin within this rapidly expanding ecosystem. Agora, spearheaded by finance and tech industry pioneers Nick van Eck, Drake Evans, and Joe McGrady, is at the helm of this development.
Collaborating AUSD with Sui Network brings enhanced functionality and convenience to both platforms, creating a more comprehensive and interconnected financial system. This partnership adds liquidity, streamlines transactions, and boosts market efficiency. Furthermore, Sui’s rapidly growing DeFi sector, featuring over $700 million in Total Value Locked (TVL) and a top 10 position in weekly DEX trading volume, serves as a solid base for AUSD’s prosperity.
“Greg Siourounis, Managing Director of Sui Foundation, stated, ‘The integration of AUSD in our system showcases our commitment to creating an equitable financial landscape and is consistent with our goal for a versatile blockchain infrastructure. With more elite assets joining the Sui Network as natives, both developers and users will experience improved connectivity and increased opportunities.'”
Users and creators of the Sui platform will gain from the reliability and credibility that AUSD provides. Backed by clear reserves and thorough examinations, this latest stablecoin not only bolsters the reputation and value of both Sui and Agora but also simplifies DeFi on Sui, making it more inviting for users. This leads to a more enjoyable experience with increased potential for yield farming, lending, borrowing, and staking.
Among stablecoins, Agora stands out by challenging conventional rent-seeking systems and adopting a compliant, customer-focused approach instead.
In his statement, Nick van Eck emphasized that businesses and applications contribute significantly to the value and circulation of digital dollars, not the other way around. Agora’s business model is designed to reward its Know Your Business (KYB) partners for their contributions to expanding the Agorasaurus Dollar (AUSD) network. The platform partners are compensated based on the services they offer and the benefits they bring to Agora, which in turn aligns incentives and fosters the growth of the global AUSD network and liquidity.
Using one of the biggest custodian banks globally and top-tier asset management from VanEck, Agora’s AUSD has gained substantial institutional endorsement from esteemed organizations like Dragonfly and General Catalyst, among others. This backing represents a strong belief in AUSD’s ability to revolutionize the intensely competitive stablecoin market.
Contact
Sui Foundation
media@sui.io
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2024-05-30 04:28