Agora and Galaxy execute first OTC transaction of AUSD

Stablecoin issuer Agora has reached another milestone with the first-ever over-the-counter transaction involving its flagship asset, Agora USD.

The company announcement the important development on January 8, noting that the OTC transaction involved a collaboration with Galaxy Digital, a digital asset and blockchain company founded by Michael Novogratz.

According to Agora, the successful execution of the OTC transaction highlights the growing demand for digital dollar solutions.

“This transaction marks AUSD’s transition from proof of concept to real-world application, demonstrating its potential to capture market share in a maturing digital economy. As U.S. digital asset regulations take shape, we are committed to upholding these standards and positioning AUSD as the cornerstone of the institutional stablecoin market,” said Nick Van Eck, CEO and co-founder of Agora, in a press release.

Jason Urban, Global Head of Trading at Galaxy, noted that this step aligns with the company’s mission to drive innovation and adoption of digital assets across the global financial system. AUSD offers users a “compliant and transparent stablecoin,” the Galaxy executive added.

Agora’s growing adoption comes amid a series of key crypto integrations, including partnerships that brought AUSD live to the Avalanche, Sui and Injective networks. The initial mint of the token was on Ethereum (ETH) blockchain.

Van Eck, an asset manager with more than $100 billion in assets under management, oversees the AUSD reserve. Meanwhile, its custodian is State Street, a company managing $4.1 trillion in assets. Agora is backed by venture capital firm Dragonfly.

The fully collateralized US digital dollar, minted 1:1 with the USD, currently has a market cap of $57.21 million.