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

On June 1st, stablecoin distribution company 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. AUSD is scheduled to launch in June and will be backed by bank deposits, US Treasury bonds, and repurchase agreements, with its reserve funds to be kept by VanEck. In addition, Agora plans to include enterprises that support AUSD in its business model and share the revenue products of stablecoin operations with them.
It is reported that Agora has previously announced that it will move AUSD to Ethereum, Arbitrum, and Optimism. Sui is the first non-EVM blockchain issued by AUSD.