Mentioned:
There’s a new stablecoin in crypto. And Galaxy Digital is betting on it.
What’s happening:
- Galaxy Digital (TSX: GLXY) has successfully completed the first ever over-the-counter transaction of Agora’s stablecoin known as AUSD
Why it matters:
- The first successful transaction of AUSD marks a transition from being a concept to a functional stablecoin
- Agora’s stablecoin is now live on multiple different blockchains including Ethereum, Avalanche and Sui
Going deeper:
- Galaxy Digital was an early investor in Agora and is focused on helping accelerate their technology into wider adoption with institutions globally
- Global asset management giant VanEck is managing the reserves of Agora’s AUSD stablecoin
The intrigue:
- Galaxy Digital has been making stablecoins a big focus of late, previously announcing they are one of the first partners for the new stablecoin network being launched by Paxos alongside of Robinhood (NASDAQ: HOOD) and others
