Agora, a stablecoin issuance company, announced that it will launch its stablecoin AUSD on the Sui chain, making AUSD the second stablecoin to be launched on Sui after FDUSD. AUSD is planned to be launched in June and will be supported by bank deposits, US Treasury bonds, and repurchase agreements, with its reserve funds being held by VanEck. In addition, Agora plans to include businesses that support AUSD in its business model and share the revenue from stablecoin operations with them.

Bloomberg reports, stablecoin startup Agora has completed a $12 million seed round of financing, led by Dragonfly with participation from General Catalyst and Robot Ventures. Agora will issue stablecoins supported by cash, US Treasury bonds, and overnight repurchase agreements. Kyle DaCruz, VanEck's Director of Digital Asset Products, stated that VanEck will manage Agora's reserve fund. Agora plans to sign revenue-sharing contracts with partners. It is reported that Agora was founded by investment management veteran Jan Van Eck's son Nick Van Eck, as well as cryptocurrency experts Drake Evans and Joe McGrady.