As a seasoned researcher with a penchant for blockchain technology and stablecoins, this partnership between Agora and Wormhole strikes me as a strategic move to bolster the reach and utility of AUSD. With my background in understanding the complexities of interoperability and cross-chain protocols, I can appreciate the potential benefits that Wormhole’s non-transferable token framework could bring to AUSD.
Stablecoin issuer Agora has selected Wormhole as the interoperability hub for its stablecoin AUSD.
The crypto company Agora, that received large amounts of investment with Dragonfly at the helm, has selected Wormhole, a cross-chain protocol, as its main supplier of interoperability solutions, in order to broaden their stablecoin AUSD across various blockchain systems.
On October 9th’s blog post, Wormhole shared that their asset bridge service, AUSD, running on Ethereum, Avalanche, and Sui, intends to broaden its reach to other blockchain platforms such as Solana, Aptos, Arbitrum, Base, BNB Chain, and others.
Through this partnership, Agora aims to alleviate the issue of liquidity dispersal by utilizing Wormhole’s unique non-transferable token infrastructure to maintain the inherent qualities of tokens across various blockchains. The integration further strives to minimize transaction fees and enhance transparency as AUSD prepares for future growth, with Solana serving as the next focus.
In simpler terms, Nick van Eck, Agora’s CEO and co-founder, commended the partnership as it “eliminates obstacles for obtaining, moving, and utilizing AUSD.
Agora has introduced AUSD, a centralized stablecoin that is directly tied to the value of U.S. dollars and is overseen by financial heavyweight VanEck. This announcement follows Wormhole’s growing popularity among institutional investors, bolstered by its collaboration with Securitize, which enhanced multichain capabilities for tokenized treasury bills.
Initiated in 2024, Agora – a brainchild of Nick van Eck, Drake Evans, and Joe McGrady – aspires to construct a transparent and welcoming network for stablecoins. In April, the company successfully garnered $12 million in funding, spearheaded by Dragonfly, to propel the launch of its stablecoin platform. This investment underscores Agora’s commitment to adhering to regulatory standards.
The funding round saw participation from other prominent investors, including Wintermute Ventures, Galaxy, and Consensys.
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2024-10-10 10:50