Stablecoin Issuer Agora Selects Wormhole for AUSD Interoperability

Crypto startup Agora, known for raising millions in funding led by Dragonfly, has chosen the cross-chain protocol Wormhole as its core interoperability provider for its stablecoin, AUSD. This strategic move aims to expand AUSD across multiple blockchain networks.

In a recent announcement, Wormhole revealed that AUSD, currently operational on Ethereum, Avalanche, and Sui, plans to extend its reach to additional blockchain networks such as Solana, Aptos, Arbitrum, Base, and BNB Chain, among others.

Benefits of the Partnership

With this partnership, Agora aims to minimize liquidity fragmentation by utilizing Wormhole’s non-transferable token framework. This approach helps preserve the intrinsic properties of tokens across different chains. Additionally, the integration is expected to lower transaction costs and enhance transparency as AUSD prepares for its expansion, with Solana being the next target.

“This collaboration reduces barriers standing in the way of accessing, transferring, and using AUSD,”

said Nick van Eck, Agora’s CEO and co-founder.

About AUSD and Agora

Issued by Agora, AUSD is a centralized stablecoin backed 1:1 by U.S. dollars and managed by finance giant VanEck. The announcement of this partnership with Wormhole comes as the protocol gains traction with institutional players, following its collaboration with Securitize to expand multichain functionality to tokenized treasury bills.

Founded in 2024 by Nick van Eck, Drake Evans, and Joe McGrady, Agora aims to build an open and inclusive stablecoin network. In April, the startup raised $12 million in funding led by Dragonfly to support the launch of its stablecoin platform with a strong emphasis on regulatory compliance. Other notable investors in the funding round included Wintermute Ventures, Galaxy, and Consensys.

Key Takeaways

  • Agora has selected Wormhole as its core interoperability provider for AUSD.
  • The partnership aims to expand AUSD to multiple blockchain networks, reducing liquidity fragmentation and transaction costs.
  • Agora’s recent funding round, led by Dragonfly, emphasizes regulatory compliance and aims to build an inclusive stablecoin network.

Stay updated with the latest news on Global Crypto News.

#Token #CryptoInvestment

Post Views: 1