Agora

Stablecoin

USDL

Wormhole

AUSD

Stablecoin issuer Agora has selected Wormhole as the interoperability hub for its stablecoin AUSD.
Crypto startup Agora, which raised millions in funding led by Dragonfly, has picked the cross-chain protocol <a href="https://crypto.news/tag/wormhole/" target="_blank" rel="noopener noreferrer nofollow">Wormhole</a> as its core interoperability provider for AUSD to expand the <a href="https://crypto.news/tag/stablecoin/" target="_blank" rel="noopener noreferrer nofollow">stablecoin</a> across multiple <a href="https://crypto.news/tag/blockchain/" target="_blank" rel="noopener noreferrer nofollow">blockchain</a> networks.
In a <a href="https://wormhole.com/blog/agora-selects-wormhole-as-core-interoperability-solution-for-ausd-stablecoin" target="_blank" rel="noopener noreferrer nofollow">blog announcement</a> on Wednesday, Oct. 9, Wormhole said that AUSD, which is currently operational on Ethereum, Avalanche, and Sui, aims to expand across all other blockchain networks (e.g. Solana, Aptos, Arbitrum, Base, and BNB Chain among others).
With the partnership, Agora hopes to reduce liquidity fragmentation by leveraging Wormhole’s non-transferable token framework to preserve the intrinsic properties of tokens on different chains. The integration also aims to lower transaction costs and improve transparency as AUSD prepares for future expansion, with Solana being the next target.
Agora’s CEO and co-founder Nick van Eck praised the collaboration, saying it “reduces barriers standing in the way of accessing, transferring, and using AUSD.”
You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/dragonfly-incubated-stablecoin-ausd-goes-live-on-sui/"> Dragonfly-incubated stablecoin AUSD goes live on Sui </a>
Issued by Agora, AUSD is a centralized stablecoin, backed 1:1 by U.S. dollars and managed by finance giant VanEck. The announcement comes as Wormhole continues to gain traction with institutional players following its <a href="https://crypto.news/blackrock-backed-securitize-integrates-wormhole-for-cross-chain-tokenization/" target="_blank" rel="noopener noreferrer nofollow">partnership</a> with Securitize, which expanded multichain functionality to tokenized treasury bills.
Launched in 2024 by Nick van Eck, Drake Evans, and Joe McGrady, Agora aims to build an open and inclusive stablecoin network. In April, the startup&nbsp;<a href="https://www.prnewswire.com/news-releases/agora-has-raised-a-12m-seed-round-led-by-dragonfly-302106149.html" target="_blank" rel="noopener noreferrer nofollow">raised</a>&nbsp;$12 million in funding led by Dragonfly to fuel its stablecoin platform launch, emphasizing regulatory compliance.
The funding round saw participation from other prominent investors, including Wintermute Ventures, Galaxy, and Consensys.
Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/paxos-expands-yield-bearing-stablecoin-usdl-to-arbitrum/"> Paxos expands yield-bearing stablecoin USDL to Arbitrum </a>

Dragonfly-backed Agora to use Wormhole for AUSD cross-chain expansion

crypto.news

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