Agora announced a $50 million investment led by Paradigm, aiming to enhance its stablecoin AUSD. Founded by Nick van Eck and crypto veterans, Agora competes against major players like Tether and Circle. The company provides a white-labeling service, enabling businesses to create branded versions of AUSD that leverage its interoperability and liquidity. Stablecoins have gained attention for enabling efficient transactions, driving interest in venture investments. Agora's market capitalization is currently $130 million, compared to Tether's $158 billion and Circle's $62 billion.
"What we wanted to do is really something novel, which is start by building the network. We always had the view that we were going to do white-labeled issuance in a different way to how existing peers had done it."
Stablecoins have emerged over the past year as a target for venture investment. The sector has long sought a 'killer app' that will drive adoption beyond speculation.
Agora offers a white-labeling service to other companies, allowing them to launch their own, self-branded version of AUSD that is able to take advantage of the underlying stablecoin's interoperability and liquidity.
As more companies, including non-crypto giants like Meta and Apple, dip their toes into stablecoins, Agora is competing in an increasingly crowded space dominated by rivals including Circle and Tether.
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