Nick Van Eck, along with Drake Evans and Joe McGrady, has launched Agora, a stablecoin project that recently raised $12 million in seed funding from Dragonfly, a digital-asset venture firm. Agora, operating under a Delaware incorporation with its stablecoin issuer based in the British Virgin Islands, is focusing on serving non-U.S. customers due to the lack of federal legislation for stablecoins in the U.S.

Agora’s stablecoins are backed by cash, U.S. Treasury bills, and overnight repurchase agreements to ensure transparency and trust in managing digital assets. Despite the presence of established players like Tether and USDC, Agora aims to differentiate itself by partnering with crypto exchanges instead of directly acquiring customers. The company also does not plan to issue a governance token and emphasizes equitable partnerships with income-sharing arrangements.

General Catalyst and Robot Ventures are notable contributors to Agora’s equity round, highlighting the growing interest in stablecoin projects. As the stablecoin market continues to evolve, Agora’s approach to partnerships and transparency sets it apart in the dynamic field of digital assets.

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