Sui, a high-performance Layer 1 blockchain with infinite horizontal scaling capabilities, has announced the launch of the stablecoin AUSD on its network, set for July 2024. This launch makes AUSD the second native stablecoin in the rapidly growing Sui ecosystem. Agora, the firm behind AUSD, is led by finance and tech veterans Nick van Eck, Drake Evans, and Joe McGrady.

Integrating AUSD into the Sui Network enhances utility and accessibility for both platforms, promoting a more inclusive and interoperable financial ecosystem. The partnership boosts liquidity, simplifies transactions, and increases market efficiency. Sui's expanding DeFi environment, with over $700 million in Total Value Locked (TVL) and a top 10 ranking in weekly DEX trading volume, offers a strong foundation for AUSD’s success.

Greg Siourounis, Managing Director of Sui Foundation, stated, "AUSD’s integration shows our commitment to an inclusive financial future and aligns with our vision of a scalable blockchain." The inclusion of first-class assets like AUSD enhances interoperability and options for developers and users.

AUSD, backed by transparent reserves and rigorous audits, offers stability and trust, strengthening the market positions of both Sui and Agora. This stablecoin improves DeFi accessibility on Sui, enhancing user experience with potential yield farming, lending, borrowing, and staking opportunities.

Agora takes a customer-first approach, challenging existing rent-seeking models. Nick van Eck highlighted, “Our model rewards KYB partners based on the services they provide to grow the AUSD network, aligning incentives and expanding global AUSD liquidity.”

Backed by major institutional support from entities like Dragonfly and General Catalyst, and managed by one of the largest custodian banks and VanEck, AUSD is well-positioned to make a significant impact in the competitive stablecoin market.