Agora, the company responsible for stablecoins, achieved a significant breakthrough as it executed the initial off-exchange trade using its primary asset, Agora Dollar.
On January 8th, the company disclosed a substantial advancement in their workings, mentioning that an Over-The-Counter (OTC) deal was conducted in partnership with Galaxy Digital – a venture specializing in digital assets and blockchain technology, established by Michael Novogratz.
As reported by Agora, the smooth completion of the Over-the-Counter (OTC) transaction underscores the increasing need for digital dollar alternatives.
Nick Van Eck, CEO and co-founder of Agora, stated that the recent trade signifies the shift of AUSD from theoretical testing to practical use, highlighting its ability to compete for market share as the digital economy matures. With regulations on digital assets becoming more defined in the U.S., we are dedicated to complying with these standards and establishing AUSD as a key player in the institutional stablecoin market,” translates to:
* The trade indicates that AUSD is moving from experimental stage to practical use, demonstrating its potential to gain market share in the maturing digital economy.
* As regulations regarding digital assets solidify in the U.S., we are determined to adhere to these standards and establish AUSD as a significant player in the institutional stablecoin market.
According to Jason Urban, who leads trading at Galaxy, this achievement lines up perfectly with their goal of fostering digital asset advancement and usage within the worldwide financial sector. AUSD provides users with a “regulation-compliant and transparent digital currency,” as further emphasized by Mr. Urban from Galaxy.
Agora’s increasing popularity coincides with a string of significant cryptocurrency collaborations. These partnerships led to the launch of AUSD on the Avalanche, Sui, and Injective platforms, with its first issuance taking place on the Ethereum (ETH) blockchain.
Van Eck, who manages more than $100 billion worth of assets, looks after the reserves for AUSD (Australian Dollar). On the other hand, State Street, a company handling over $4.1 trillion in assets, serves as AUSD’s custodian. Agora, supported by venture capital firm Dragonfly, is one of its backers.
In simple terms, the total value of all U.S. digital dollars, each equivalent in worth to one U.S. dollar, amounts to approximately $57.21 million in today’s market.
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2025-01-08 19:50