Agora
Agora Digital Markets, Inc.
Agora is the issuer of AUSD, a New York-based US dollar stablecoin founded in 2023 by Nick van Eck, Drake Evans and Joe McGrady. Each AUSD is backed 1:1 by cash, short-duration US Treasury bills and overnight reverse repos in a segregated reserve fund: reserves are managed by VanEck and custodied/administered by State Street. It is a white-label stablecoin product aimed at exchanges, fintechs and platforms, available across multiple blockchains via LayerZero. In 2025 it raised a $50M Series A led by Paradigm.
Data & conditions
| Account fee | Not disclosed |
|---|---|
| ATM withdrawal | Free |
| Fund custody | Custodial (platform holds funds) |
| Supported countries | US, EEA, APAC |
| Segment | B2B |
| MiCA / License status | Not disclosed |
Strengths
- Institutional reserve structure: VanEck management, State Street custody and administration, 1:1 backing in cash/T-bills/repo.
- Top-tier backing ($50M Series A led by Paradigm) and multichain availability.
- Verifiable Proof-of-Reserves.
Weaknesses
- A B2B white-label product: end users encounter it through partner platforms, not as a direct app.
- A newer and smaller stablecoin than USDC/USDT; market cap and adoption still growing.
- Custodial: the platform holds your funds and can freeze or lose them.
Verdict
Score 4.1/5, very strong profile. In its favour: institutional reserve structure: VanEck management, State Street custody and administration, 1:1 backing in cash/T-bills/repo. The trade-off to weigh: a B2B white-label product: end users encounter it through partner platforms, not as a direct app.
On the Sovereignty lens the score is 2.5/5 (average): the strength is trustless / auditability (5.0/5), while fund control (0.0/5) is the weak link.
Promp's editorial rating based on real fees and net annual cost. Promp reviews third-party products independently.
"Sovereignty" rating: score computed on privacy/anonymity (30%), fund control (20%), censorship resistance (20%), trustless/auditability (20%) and costs (10%). Same data, different weights.
FAQ
How is AUSD backed?
AUSD is backed 1:1 by cash, short-duration US Treasury bills and overnight reverse repos in a segregated reserve fund, with reserves managed by VanEck and custodied by State Street.
Can an individual use Agora/AUSD?
Agora is a B2B issuer: it distributes AUSD via exchanges, fintechs and platforms. AUSD can be held like any stablecoin, but the service is designed for institutional partners.
Sources
- Official service page Data verified on Jul 17, 2026
- fortune.com Founders Data verified on Jul 17, 2026
- injective.com Data verified on Jul 17, 2026