AUSD

ausd

Rank #148•Stablecoins, USD Stablecoin, BNB Chain Ecosystem

CoinYQ Dossier

AUSD expanded across chains, then defined how one exit would close

By September 2025, AUSD had a licensed Bermuda issuer; two months later Agora connected supplies through a multichain design. The April 2026 decision to stop issuing on Injective exposed the consequence of that growth: a transferable dollar can remain in a wallet after its ordinary issuer route acquires a deadline and different conditions.

A licence clarified the issuer before the chain map widened

On September 5, 2025, Agora Bermuda Limited’s Class F licence became effective. Current terms name that company, acting for the AUSD segregated account, as issuer. Agora Blue Limited operates the customer account and platform from the British Virgin Islands. The company behind an interface and the legal counterparty to the token therefore have related but distinct roles.

Transfer follows the token, but a customer relationship with the issuer does not. The terms distinguish a wallet holder from an approved Agora customer, which matters whenever a holder wants dollars rather than another onchain transfer. Agora’s common EVM address and separate Solana mint also distinguish its AUSD from third-party wrappers and customer-issued white-label tokens.

OFT expansion joined supplies without making every route permanent

Agora adopted LayerZero OFT on November 13, 2025 and began connecting native AUSD supplies through configurable messaging. Current deployment documentation lists nine EVM networks using a common token address and a separate Solana Token-2022 mint.

Each added network also brought an operating decision. EVM roles can mint, burn, pause, freeze and replace implementations. On Solana, PermanentDelegate grants unrestricted delegate authority, while TransferHook invokes custom logic during transfers. These mechanisms help coordinate supply and compliance, but the terms leave Agora free to choose which chains and forks it will continue supporting.

Injective turned chain support into a dated wind-down

On April 3, 2026, Agora stopped new AUSD issuance and rewards on Injective. It did not treat every existing balance as immediately void. The announcement kept ordinary at-par redemption open through September 28, separating the end of new issuance from the handling of tokens already there.

Agora says residual claims after September 28 will still be honored, but they may require enhanced KYC and fees. That is a narrower route than the ordinary window, and the notice does not promise that every wallet holder qualifies as a direct customer. The episode makes support policy part of the token’s practical history rather than a clause buried in general terms.

The July report measured the dollar during the exit window

At July 31, 2026, onchain supply was $264.874 million. The report excluded a combined $24.128 million of minted, undistributed inventory held solely by the company and tokens associated with access-denied addresses, producing circulation of $240.746 million. Reserve fair value was $241.477 million, or $731,088 more under the report’s criteria.

Grant Thornton examined management’s assertion at July 10 and July 31. Those two observations do not continuously prove liquidity after the dates. The terms target 48 business hours for normal redemption and 96 under stress, yet permit delay or in-kind delivery when reserves are illiquid, unavailable or lost. The history therefore connects chain support, customer eligibility and a dated reserve calculation: each affects whether a particular holder has a usable path back to dollars.

How the project changed

2025-09-05
Bermuda Class F licence becomes effective
The BMA register authorizes Agora Bermuda Limited to issue, sell or redeem digital assets.
2025-11-13
Agora adopts LayerZero OFT
The issuer begins connecting native chain supplies through configurable messaging infrastructure.
2026-04-03
Injective issuance stops
New minting and rewards end; ordinary at-par redemption stays open through September 28, after which residual claims may require enhanced KYC and fees.
2026-07-31
Reserves exceed defined circulation
The report records $241,476,955 in reserve assets against $240,745,867 in circulation.
2026-09-01
Current issuer and platform terms take effect
The terms identify the two companies’ roles, customer eligibility, redemption conditions and contract powers.
2026-09-01
Grant Thornton signs the July report
The accountant gives reasonable assurance on management’s assertions at July 10 and July 31.

What to verify before relying on the token story

A secondary holder may lack direct redemption because only verified organizational customers in eligible jurisdictions can use Agora’s route.
Reserve attestations test specified dates and management criteria; they do not continuously audit liquidity or guarantee future par.
Agora chooses reserve composition, which can include stablecoins and tokenized fixed income in addition to cash, Treasuries and repo.
Redemption can be delayed or paid in kind under stress, and recourse is limited if the segregated account is exhausted.
Ordinary holders do not own reserve assets or their yield; rewards depend on discretionary enrollment and rates.
Privileged roles can mint, burn, freeze, pause and upgrade, creating operational, key-compromise and governance risk.
Chain support can end; wrappers and customer-issued white-label coins may not be redeemable AUSD.
After the Injective ordinary window closes, residual claims may require enhanced KYC and fees; the notice does not guarantee every holder direct eligibility.

Evidence and primary sources

Last evidence review: 2026-09-05

What is AUSD?

AUSD is a six-decimal U.S.-dollar stablecoin issued by Agora Bermuda Limited through a segregated account under Bermuda law. The issuer received a Bermuda Monetary Authority Class F digital-asset-business licence effective September 5, 2025. Agora Blue Limited, a British Virgin Islands company, supplies the account and platform through which customers mint and redeem; it is not the legal issuer named in the current AUSD terms.

The identity is anchored by the common EVM address 0x00000000eFE302BEAA2b3e6e1b18d08D69a9012a on the networks listed by Agora and the Solana Token-2022 mint AUSD1jCcCyPLybk1YnvPWsHQSrZ46dxwoMniN4N2UEB9. Tokens merely using the AUSD ticker, third-party wrappers and customer-issued white-label coins are not automatically redeemable Agora AUSD.

What problem does AUSD solve?

A reserve-backed token must keep two ledgers aligned: tokens that count as circulation and assets legally available to meet the issuer's AUSD obligations. Grant Thornton examined management's assertion at two July 2026 dates. On July 31, circulation was $240,745,867 and reserve fair value was $241,476,955, a $731,088 excess under the report's criteria. Total onchain supply was higher—$264,873,540—because a combined $24,127,673 was excluded: minted, undistributed inventory held solely by the company and tokens associated with access-denied addresses.

That accounting does not turn every wallet into a direct redemption account. Agora's terms say an unregistered holder is not its customer; only verified customers may directly mint or redeem, for their own wallet and account. Secondary holders depend on market liquidity or successful onboarding before they can exercise the issuer's contractual redemption route.

How does AUSD work?

Agora says reserves may include cash, short U.S. Treasuries, overnight repo and reverse repo, other dollar assets, regulated stablecoins and tokenized fixed income. Composition is at Agora's discretion. At July 31 the report listed $61,365,065 of Treasury securities, $114,933,254 of Treasury repo, $10,510,374 of fund cash, $48,604,476 of other bank cash and $6,063,786 of stablecoins. VanEck manages fund assets, State Street is presented as custodian and fund administrator, and Grant Thornton provides monthly attestations.

The issuer aims to complete normal redemptions within 48 business hours and stress redemptions within 96, but may delay for illiquid, unavailable or lost reserves and may redeem in kind. Reserve earnings do not accrue to ordinary token holders. Agora's optional rewards program is approved participant by participant, may pay different rates, and can change or end at its discretion.

EVM AUSD uses separate Admin, Pauser, Freezer, Minter and Burner roles. Admins can change roles and implementations; other privileged accounts can pause transfers, freeze balances, mint and burn. Solana uses Token-2022 features including PermanentDelegate, TransferHook and Mint Close Authority. Agora also adopted configurable LayerZero OFT connections. These controls support compliance and cross-chain supply operations, but make issuer key governance part of the dollar promise.

Key facts

Issuer: Agora Bermuda Limited, acting for its AUSD segregated account; Agora Blue Limited provides BVI account/platform services.
BMA Class F licence effective 2025-09-05 covers issuing, selling or redeeming digital assets.
July 31, 2026: $241,476,955 reserve fair value versus $240,745,867 AUSD circulation.
The same report counted $264,873,540 total supply and excluded a combined $24,127,673: minted, undistributed inventory held solely by the company plus tokens associated with access-denied addresses.
Direct mint/redeem is limited to verified organizational customers using their own wallets; the United States is a prohibited state under the current terms.
Target timing is 48 business hours normally or 96 under stress; delay and in-kind redemption remain contractual possibilities.
Reserve income is not a holder entitlement; rewards are discretionary, opt-in and can vary by participant.
Official EVM address: 0x00000000eFE302BEAA2b3e6e1b18d08D69a9012a; Solana mint: AUSD1jCcCyPLybk1YnvPWsHQSrZ46dxwoMniN4N2UEB9.
Admin, Pauser, Freezer, Minter and Burner roles can upgrade, halt, freeze and change supply.
Injective issuance ended 2026-04-03; ordinary at-par redemption remains open through 2026-09-28, with residual claims later subject to enhanced KYC and fees.

Official links

Official website Block explorer X / Twitter GitHub

Related coins

Frequently asked questions

Can anyone redeem AUSD directly for one dollar?

No. Direct minting and redemption require an approved Agora customer relationship. Current terms limit customers to organizations in eligible locations and require use of the customer’s own wallet and account.

Does holding AUSD earn Treasury interest?

No automatic interest right attaches to the token. Agora controls reserve composition and economics. Its rewards program is opt-in, discretionary, jurisdiction-limited and may assign different rates.

What did the latest attestation test?

Grant Thornton examined management’s assertion that reserve fair value equaled or exceeded AUSD circulation at July 10 and July 31, 2026. It was a point-in-time attestation under defined criteria, not a guarantee of future value or continuous solvency.

Can Agora freeze a self-custodied wallet?

Agora cannot take the wallet key merely because it issued AUSD, but its privileged contract roles can freeze the address’s AUSD, pause contracts, burn in defined operations and upgrade implementations.

Is AUSD on every chain equally supported forever?

No. Agora decides which chains and forks it supports. It stopped new Injective issuance on April 3, 2026 and set September 28 as the ordinary at-par redemption deadline. After that date, Agora says residual claims will still be honored but may require enhanced KYC and fees.

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