The AUSD stablecoin supported by Agora is launched on Sui

[PRESS RELEASE – Grand Cayman, Cayman Islands, September 5th, 2024]

Following profitable launches on different main networks, AUSD has been deployed on Sui, leveraging a scalable, high-performance community and strengthening Sui’s stablecoin ecosystem.

NowStablecoin firm led by early-stage finance and tech {industry} veterans Nick van Eck, Drake Evans and Joe McGrady Suia layer 1 blockchain that delivers industry-leading efficiency and limitless horizontal scalability. AUSD provides a vital dimension to Sui’s rising checklist of native property and is the primary institutional-grade USD stablecoin deployed within the Sui DeFi ecosystem.

“By integrating best-in-class property like AUSD natively onto the community, Sui is empowering builders and offering fundamental entry to DeFi to a brand new class of institutional customers,” mentioned Hole Kim, International Head of Advertising and marketing on the Sui Basis. Because the Sui ecosystem continues to develop, Sui’s innovation and monetary accessibility alternatives will develop exponentially, benefiting your entire Sui neighborhood.”

Constructing on earlier successes on Ethereum and Avalanche, the mixing of AUSD into the Sui Community instantly enhances its utility, accessibility, and interoperability. Throughout the first six weeks of deploying the contract on Ethereum and Avalanche, almost $60 million in Australian {dollars} has been minted, with each day DEX buying and selling quantity exceeding $5 million. The combination has already begun to enhance liquidity and market effectivity in Sui’s quickly increasing DeFi ecosystem, which as of this writing has exceeded $600 million in whole worth locked (TVL) and has persistently exceeded $600 million in weekly DEX buying and selling quantity. Be among the many greatest.

“AUSD’s important progress and early success throughout the {industry} units the stage for Sui’s subsequent much more impactful chapter,” mentioned Nick van Eck, co-founder of Agora. “Leveraging Sui’s cutting-edge infrastructure and unparalleled scalability, AUSD This collaboration is a vital step ahead in our mission to create a extra inclusive and accessible monetary future for all.

AUSD joins a rising checklist of stablecoins on Sui, driving the event of highly effective DeFi purposes and increasing the adoption of blockchain expertise. By leveraging Sui’s scalable, high-performance community, these stablecoins assist create a high-performance surroundings the place builders and customers can innovate and concentrate on delivering nice experiences with out being constrained by the technical limitations of different networks. The combination of Agora and Sui additionally continues to increase the protection of AUSD and additional promotes the expansion of the worldwide AUSD community and liquidity.