Agora-backed AUSD stablecoin launches on Sui

Sui Network (CRYPTO:SUI) has announced the launch of its new stablecoin, AUSD (CRYPTO:AUSD), expanding its list of native assets and enhancing the platform's interoperability and accessibility. 

The announcement was made through Sui Network's official social media and a blog post on Medium, highlighting the significance of this integration for the network's growing decentralised finance (DeFi) ecosystem. 

Previously successful on Avalanche (CRYPTO:AVAX) and Ethereum (CRYPTO:ETH), where $60 million worth of AUSD has already been minted, the stablecoin's integration into the Sui Network is expected to significantly enhance market efficiency and liquidity. 

The Sui Network, with a total value locked (TVL) exceeding $600 million and high weekly DEX trading volume, is rapidly becoming a prominent player in the DeFi space. 

With the addition of AUSD, Sui further establishes itself as a key blockchain for stablecoins. 

The launch of AUSD is seen as a critical step in advancing the DeFi applications on Sui, driving adoption of blockchain technology. 

Leveraging Sui's high-performance and scalable infrastructure, AUSD and other stablecoins can provide a more innovative environment for developers and users. 

Sui's network is designed to address common blockchain challenges, such as high fees and slow transfer speeds, thus offering a superior and seamless experience for both developers and users. 

The introduction of AUSD into Sui’s ecosystem promotes greater creativity and expansion possibilities in the DeFi sector. 

It empowers developers to build more accessible and efficient DeFi applications, broadening the scope of decentralised finance. 

The integration of Agora with Sui also enhances AUSD’s reach, contributing to the stablecoin's global network expansion.

 At the time of writing, the Acala Dollar (AUSD) price was $1.00, while the Sui (SUI) price was $0.834.