CandleFocus Dragonfly-backed Agora to use Wormhole for AUSD cross-chain expansion
2024-10-10
Author: Content Editor
Crypto startup Agora has chosen Wormhole as its core interoperability provider for its stablecoin AUSD. The partnership aims to expand AUSD across various blockchain networks and reduce liquidity fragmentation. Agora hopes to leverage Wormhole's non-transferable token framework to maintain the properties of tokens on different chains, lower transaction costs, and improve transparency. AUSD is a centralized stablecoin backed by U.S. dollars and managed by VanEck. Agora raised $12 million in funding led by Dragonfly earlier this year to launch its stablecoin platform.
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