Stablecoin issuing company Agora will launch its stablecoin AUSD on the Sui chain

Stablecoin issuer Agora recently announced that it will launch its stablecoin AUSD on the Sui chain, making AUSD the second stablecoin to be launched on Sui after FDUSD. The AUSD is planned to be launched in June and will be backed by bank deposits, U.S. Treasury bonds, and repurchase agreements, with its reserve funds being held by VanEck. In addition, Agora plans to incorporate businesses that support AUSD into its business model and share with them the revenue products of stablecoin operations. It was reported that Agora had previously announced plans to push AUSD towards Ethereum, Arbitrum and Optimism; Sui is the first non-EVM blockchain where AUSD has been issued.