Agora and Galaxy execute first OTC transaction of AUSD

Stablecoin issuer Agora has reached a new milestone with the first over-the-counter transaction involving its flagship asset Agora USD.

The company announced this significant development on January 8, noting that the OTC transaction involves collaboration with Galaxy Digital, a digital asset and blockchain company founded by Michael Novogratz.

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

“This trade marks AUSD’s transition from proof of concept to real-world implementation and demonstrates its potential to capture market share in the maturing digital economy. As U.S. regulations on digital assets take shape, we are committed to meeting these standards and positioning AUSD as the cornerstone of the institutional stablecoin market,” Nick Van Eck, CEO and co-founder of Agora, said in a statement.

Jason Urban, Galaxy’s head of global trading, said this milestone aligns with the company’s mission to drive digital asset innovation and adoption across the global financial system. The Galaxy executive added that AUSD offers users a “compatible and transparent stablecoin.”

Agora’s growing adoption comes amid a series of significant crypto integrations, including partnerships that see AUSD go live on the Avalanche, Sui, and Injective networks. The first minting of the token was on the Ethereum (ETH) blockchain.

Van Eck, an asset manager with over $100 billion in assets under management, manages the reserve of AUSD. Its custodian, meanwhile, is State Street, a firm that manages $4.1 trillion in assets. Agora is backed by venture capital firm Dragonfly.

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