TechFlow News — Layer 2 network Mantle has announced a partnership with stablecoin issuer Agora, with Agora's USD-backed stablecoin AUSD now deployed on the Mantle Network. This marks AUSD’s first deployment on an Ethereum L2. As an institutional-grade stablecoin, AUSD will support DeFi protocols, gaming platforms, and other applications within the Mantle ecosystem, further enhancing security and reliability within the ecosystem, delivering improved experiences for users and developers, and promoting adoption of Mantle by traditional enterprises.
Previously, stablecoin startup Agora completed a $12 million seed funding round led by Dragonfly. AUSD is fully backed by cash, U.S. Treasuries, and overnight reverse repurchase agreements, with reserves managed by VanEck.
