$12M Venture Capital Support Paves Way for Van Eck Heir’s Launch of Innovative USD Stablecoin

Nick van Eck, the son of investment management expert Jan van Eck, is preparing to launch a fresh stablecoin backed by the United States dollar after concluding a successful $12 million funding round. In collaboration with crypto veterans Drake Evans and Joe McGrady, van Eck established Agora, which will introduce the Agora digital dollar, known as AUSD. The stablecoin will be fully supported by cash, U.S. Treasury bills, and overnight repo agreements. VanEck, a prominent $90 billion asset management firm led by Jan van Eck, will oversee a fund to manage Agora’s reserves. The seed funding round, which raised $12 million, was led by digital asset venture capital firm Dragonfly, with additional investments from Robot Ventures, Wintermute, Breed, and General Catalyst. Agora’s parent company is incorporated in Delaware, while the stablecoin issuer is based in the British Virgin Islands. Initially, Agora will target select markets outside the United States until federal legislation for stablecoins is established in the country. Van Eck believes that regions like Argentina and Southeast Asia will benefit the most from a digital dollar. Despite the fierce competition in the stablecoin market led by Tether (USDT) and Circle (USDC), van Eck sees an opportunity for Agora by establishing strong partnerships with industry players. Unlike holders of TerraClassicUSD (USTC), AUSD holders will not receive income. Agora intends to prioritize building relationships with cryptocurrency exchanges, custodians, decentralized applications, and trading firms. Agora did not provide an immediate response to a comment request.