Funding led by Paradigm and Dragonfly
Stablecoin startup Agora has secured 50 million dollars in Series A funding, with leading investment from crypto venture firms Paradigm and Dragonfly. The funding aims to support the expansion of Agora’s white label stablecoin platform, AUSD, as global interest in dollar-backed digital assets continues to rise.
Founded by Nick van Eck, son of VanEck CEO Jan van Eck, alongside crypto veterans Drake Evans and Joe McGrady, Agora enables companies to launch their own branded stablecoins using AUSD’s infrastructure. The platform offers benefits such as shared liquidity, interoperability, and a revenue-sharing model. The latest investment follows an earlier seed round of 12 million dollars in April last year, also led by Dragonfly.
Reimagining white label issuance
Nick van Eck explained the company’s vision, stating, “We wanted to build the network first, not just the stablecoin. Our approach to white labelled issuance is fundamentally different from what others have attempted.” Agora has already partnered with blockchain projects such as Polygon to create custom stablecoins and plans to expand these collaborations beyond the crypto sector.
Paradigm, which was co-founded by Coinbase’s Fred Ehrsam, led the Series A round, while Dragonfly exercised its rights to increase its stake. Other early supporters include Robot Ventures, Wintermute, Breed, and General Catalyst, where van Eck previously served as a partner.
Entering a competitive market
Agora’s entry into the stablecoin space positions it against established giants like Circle and Tether, whose stablecoins USDC and USDT command market capitalisations of 62 billion and 158 billion dollars respectively. In comparison, Agora’s current market cap remains under 130 million dollars.
Top stablecoins by market cap. Source: CoinMarketCap
Beyond traditional crypto players, tech giants including Meta, Apple, Google, and Elon Musk’s X have also shown growing interest in the stablecoin sector. Even World Liberty Financial, co-founded by former US President Donald Trump and his family, has entered the space with the launch of its USD1 stablecoin.
Focus on global markets amid US uncertainty
With regulatory clarity still lacking in the United States under the Biden administration, Agora is focusing its efforts on international markets. The company sees opportunity in regions where currency volatility and inefficient cross-border payments have fuelled demand for stable digital currencies.
However, van Eck remains optimistic about future operations in the US. The company is preparing to acquire money transmitter licences and is closely watching the progress of federal legislation, including the proposed GENIUS Act. “A lot of financial institutions outside the US are more aggressive and faster to move,” van Eck said. “In the US, companies are still mostly just talking about it.”
AUSD sees first real world trade
Earlier this year, Agora achieved a significant milestone when it completed its first over-the-counter trade using AUSD in collaboration with asset manager Galaxy. The move marked AUSD’s transition from a concept to active use, signalling progress in Agora’s mission to bring flexible and scalable stablecoin solutions to market.
Unlike dominant players USDC and USDT, Agora shares the yield from reserve assets with its partners. Co-founder Drake Evans emphasised this principle, stating, “From the beginning, we believed stablecoins should function like public goods. That means most of the revenue should go to those creating real value.”
As interest in decentralised finance grows, Agora’s approach to profit sharing, network-driven issuance, and global expansion positions it as a promising contender in the evolving world of stable digital assets.
