AUSD
AUSD
AUSD
| Ticker Symbol | AUSD |
| Name | Agora Dollar (AUSD) |
| Background | Agora Dollar (“AUSD”) is issued by Agora Bermuda Limited and is a fiat-backed stablecoin pegged 1:1 to the U.S. dollar. Agora was founded in October 2023 by Nick van Eck, Drake Evans, and Joe McGrady, with the mission to migrate payment and financial infrastructure onto blockchain networks to enhance financial accessibility and reduce transaction costs. The underlying reserve assets of AUSD are managed by VanEck, an asset management firm with over USD 100 billion in AUM, and custodied and fund-administered by State Street, one of the world’s largest custodian banks. Reserve assets primarily consist of U.S. Treasury Bills, U.S. government-guaranteed debt instruments (held pursuant to overnight repurchase agreements), U.S. dollars, and stablecoins, with on-chain Proof of Reserves verification provided by Chaos Labs. AUSD is deployed across multiple blockchains, including Ethereum (ERC-20), Solana (Token2022), and networks such as Avalanche and Sui via the LayerZero OFT standard. |
| Issuance date | July 7, 2024 |
| Material terms and features | AUSD is a fiat-backed stablecoin designed to maintain a 1:1 peg to the U.S. dollar. Key terms and features are as follows: Asset Backing: Each AUSD is backed 100% by USD-equivalent assets (U.S. Treasury Bills, government-guaranteed debt instruments, U.S. dollars, and stablecoins), with reserve assets fully segregated from operational capital. Minting and Burning: AUSD is minted on demand when users deposit equivalent USD-value assets through authorised channels; tokens are burned proportionally upon redemption to maintain consistency between supply and reserves. Multi-Chain Deployment: Supports major blockchains including Ethereum, Solana, Avalanche, and Sui, with cross-chain interoperability enabled via the LayerZero OFT standard. On-Chain Transparency: Real-time on-chain Proof of Reserves is provided through Chaos Labs integration, with reserve reports independently compiled by Grant Thornton LLP. Yield: AUSD itself does not generate or distribute interest, yield, or dividends; Agora separately offers an optional AUSD Loyalty Rewards Program, participation in which requires whitelist approval and does not affect the 1:1 USD backing. |
| Affiliations between EX.IO and the issuer | None |
| Voting rights | None. AUSD operates under a centralised governance model with all decisions made solely by Agora’s management team; there is no token holder voting mechanism or DAO structure. |
| Specific Token Risk Disclosure | AUSD involves the following key risks: De-pegging Risk: Although AUSD is designed to maintain a 1:1 peg to the U.S. dollar, de-pegging risk remains in extreme market conditions, under large-scale redemption pressure, or in the event of insufficient reserve asset liquidity. Custody and Reserve Risk: AUSD relies on the continued sound operation of VanEck (asset management) and State Street (custody). Any failure, insolvency, or operational error at these institutions could adversely affect the integrity of the reserve assets and the redeemability of the token. Smart Contract and Technology Risk: AUSD relies on smart contracts and cross-chain infrastructure across multiple blockchains. Code vulnerabilities, private key compromise, cross-chain bridge failures, on-chain congestion, or network outages may result in asset loss or impairment of transfer functionality. Centralisation Risk: Key decisions including minting, burning, and protocol upgrades are concentrated in Agora’s management team, presenting single-point-of-failure risk. Adverse Event Risk: In June 2025, Anchorage announced it would phase out support for AUSD; the issuer disputed this decision, stating it was based on verifiable factual inaccuracies. The issuer has migrated its operating entity from BVI to Bermuda and is regulated by the Bermuda Monetary Authority (BMA). |
| Complexity and Investor Suitability | AUSD is considered a complex product. It is available on this platform solely to Professional Investors (PI). |
| Product Description and Risk Factors | AUSD provides on-chain stablecoin exposure pegged 1:1 to the U.S. dollar. 1. Counterparty and Custody Risk: AUSD holders rely on VanEck and State Street to safeguard and manage reserve assets. Insolvency or operational failure of these institutions could adversely affect token value. 2. Regulatory Risk: Changes in laws or policies relating to stablecoins in Hong Kong or the issuer’s jurisdiction may adversely affect the issuance, circulation, and sustainability of the token. The issuer currently holds a Class F Digital Asset Business Licence in Bermuda but has not yet obtained an HKMA stablecoin issuer licence. 3. Yield: AUSD does not confer profit-sharing or dividend rights. 4. Liquidity Risk: Secondary market liquidity for AUSD is not guaranteed, and market depth is relatively limited. |
| Worst-case scenario | If reserve assets are impaired, the issuer becomes insolvent, or regulatory action causes AUSD to cease operations, investors may face total or partial loss of value of their AUSD holdings and may be unable to redeem at par. |
| Availability of Secondary market | Investors may trade AUSD through EXIO’s channel. However, secondary market liquidity is not guaranteed. EXIO does not directly support redemption of AUSD into fiat currency. |
| Warning Statement | Investor should be aware of the following when investing in AUSD: • Investors should exercise caution when investing in AUSD, which is considered a complex product. • Do not invest in a complex product unless you fully understand and are willing to assume the associated risks. • AUSD is a tokenized security product and is available only to eligible Professional Investors on this platform. • The offering documents or information of unauthorized products provided by the issuer may not been reviewed by the Securities & Futures Commission (“SFC”) and investors are advised to exercise caution in making investment decisions. • AUSD is not a product authorized by the SFC. SFC does not imply an official recommendation or endorsement nor does it guarantee the commercial merits of the product or its performance. • Past price performance, market capitalization, trading volume, TVL, token unlock data, or ecosystem development is not indicative of future performance. • Investors should seek independent legal, tax, financial, and investment advice before investing. |
| Resources | Official Website: https://www.agora.finance/product/ausd Whitepaper: https://docs.agora.finance/developer Smart Contract Audit: https://docs.agora.finance/contract-overview Proof of Reserves Reports: https://docs.agora.finance/developer/transparency |
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