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Agora’s AUSD stablecoin has roughly doubled its circulating supply on the Monad blockchain in a single week, climbing approximately 124% to reach $72.68 million.
The surge positions AUSD as the largest stablecoin on Monad, a high-performance blockchain that launched its foundation in mid-June 2026. AUSD quickly surpassed $1B in transfer volume with over 3,000 active addresses in the aftermath.
What’s driving the growth
Two catalysts stand out. The first is the Monad Foundation’s launch itself, which opened the floodgates for DeFi activity on the network. The second is Pendle, which launched on Monad around June 19, rolling out AUSD yield pools that offer up to $100K in weekly rewards.
Across all chains, AUSD’s total supply sits at roughly $181M. The Monad deployment alone now accounts for about 40% of that figure, making it the token’s single largest venue by a wide margin.
Agora’s institutional playbook
AUSD is fully backed at a 1:1 ratio by US dollar reserves that include cash equivalents and Treasury securities. Those reserves are managed by VanEck and custodied at State Street.
The New York-based company initially launched AUSD on July 7, 2024, alongside a $12M seed funding round led by Dragonfly. A year later, in July 2025, Agora closed a $50M Series A led by Paradigm.
On June 23, Agora hired Tanya Denisova as head of operations. Denisova previously served as COO of Robinhood Crypto. Her role at Agora will also encompass serving as COO for a proposed National Trust Bank charter.
What this means for investors
The Pendle integration is worth watching closely. Yield pools with $100K in weekly incentives are generous, but they’re also temporary by nature. Stablecoins that maintain deep liquidity without subsidies are the ones that become infrastructure.
If Agora successfully obtains a National Trust Bank charter, it would operate under a regulatory framework that most crypto-native stablecoin issuers haven’t attempted. That could unlock banking relationships, fiat on-ramp partnerships, and enterprise integrations that purely DeFi-focused competitors can’t access.
AUSD’s concentration on Monad — now 40% of total supply — means that any technical issues or liquidity crises on Monad would disproportionately affect the token’s overall health. Circle has been aggressively expanding USDC to new chains, and Tether rarely leaves a growing ecosystem uncontested for long.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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