TechFlow reports that Nick van Eck, CEO of stablecoin issuer Agora, said yield-bearing stablecoins deviate from the core mission of stablecoins and should focus on utility and liquidity. Yield-bearing stablecoins may be classified as securities, which could restrict their customer base and liquidity, such as Dai (DAI) and Ethena's USDe.
Agora will launch its Ethereum-based digital dollar, AUSD, in June, in collaboration with multiple exchanges and fintech companies. AUSD will be backed by cash and U.S. Treasuries, and VanEck will manage the reserve fund.
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