rewrite this title and make it good for SEO Paradigm Leads $50M Funding for Stablecoin Issuer and Infrastructure Provider Agora – NFTgators

Quick take:

Agora offers a white label stablecoin service, helping other companies launch self-branded versions of its AUSD stablecoin.

The company plans to use the fresh capital to build up the AUSD stablecoin ahead of a potential regulatory breakthrough for the sector in the U.S.

Launched in April last year, Agora’s market cap stands at about $128.86 million.

Agora, the stablecoin startup co-founded by Nick van Eck—the son of the prominent investment management CEO Jan van Eck—along with crypto veterans Drake Evans and Joe McGrady, has raised $50 million in a funding round led by Paradigm. The fundraising comes more than a year after the company launched with a $12 million seed round led by Dragonfly Capital in April 2024.

Agora plans to use the fresh capital to expand its white-labelling stablecoin service that allows other companies to launch their own versions of its AUSD stablecoin.

Unlike the likes of Tether and Circle, the issuers of the two leading stablecoins, USDT and USDC, respectively, Agora allows other companies to leverage its infrastructure to launch self-branded stablecoins, enabling them to take advantage of the underlying stablecoin’s interoperability and liquidity.

The company’s closest peer is perhaps Paxos, which has collaborated with brands like PayPal to power the PYUSD stablecoin and the Global Dollar Network for USDG. However, unlike Paxos, which does not issue its own stablecoin, Agora is looking to build up its AUSD stablecoin, including expanding to the U.S. amid a potential breakthrough in crypto regulation in the country.

Agora still plans to maintain its focus on the global markets, especially those whose local currencies lack stability. “A lot of different financial institutions outside of the U.S., I would say, are looking more aggressively and will be quicker to move than some of the companies in the U.S.,” van Eck told Fortune. “A lot of companies in the US are talking about it because it’s the topic du jour.”

Since its launch, Agora’s market cap stands at about $128.86 million according to CoinMarketCap data.

Stay on top of things:

Subscribe to our newsletter using this link – we won’t spam!

Follow us on X and Telegram.