Agora, a stablecoin startup, has introduced its AUSD stablecoin as the official currency for Polygon’s AggLayer, a crosschain settlement network. This integration aims to enable seamless multichain transactions using a stable, fiat-backed asset. The partnership is designed to eliminate the need for token bridges, simplifying and unifying liquidity for developers and end-users in the AggLayer community, according to Cointelegraph.
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The Significance of AUSD
AUSD is an institutional-grade stablecoin backed by reputable custodians, including State Street and VanEck. By integrating AUSD as the native stablecoin of the AggLayer, developers and users can expect reduced transaction costs and smoother crosschain interactions. This move is expected to make Web3 more accessible and efficient, boosting mainstream adoption.
Benefits for the AggLayer Community
The integration of AUSD on AggLayer allows connected chains to access AUSD without additional fees or the requirement of bridging processes. This reduces financial and time-related costs, making it easier for developers to build applications and for users to transact. According to Nick van Eck, CEO and co-founder of Agora, this integration is about building a more egalitarian economic network where income is shared across network participants.
Future Implications
The strategic integration of AUSD with AggLayer is expected to significantly enhance the mainstream adoption of digital assets and Web3 technology. By providing a reliable store of value and a stable payment method, AUSD aims to facilitate seamless trading and payments among different Web3 protocols. This development is a major leap forward for the AggLayer community, bringing liquidity and interoperability to a whole new level. The integration will also improve the efficiency and accessibility of multichain transactions, opening the path for greater widespread use of digital assets.