Stablecoin issuer Agora has achieved a new milestone with the first-ever over-the-counter transaction involving its flagship asset, Agora USD.

Company Announce This important development occurred on January 8, with the OTC transaction reportedly involving a collaboration with Galaxy Digital, a digital assets and blockchain company founded by Michael Novogratz.

According to Agora, the successful implementation of an OTC transaction highlights the growing demand for digital dollar solutions.

“This trade represents the transition of the AUD/USD from proof of concept to real-world application, showcasing its ability to capture market share in the maturing digital economy. As it takes shape,” Nick van Eck, CEO and co-founder of Agora, said in a statement. US regulations regarding digital assets, we are committed to meeting these standards and positioning the US dollar as a cornerstone of the institutional stablecoin market.”

Jason Urban, Global Head of Trading at Galaxy, noted that this achievement is in line with the company's mission of driving digital asset innovation and adoption across the global financial system. The Galaxy CEO added that the US dollar offers users a “stable, compatible and transparent currency.”

Agora's growing adoption comes amid a series of major cryptocurrency integrations, including partnerships that have seen USD/USD launched on the Avalanche, Sui, and Injective networks. The initial mint of the token on Ethereum was (Ethereum) Blockchain.

Van Eck, an asset manager with more than $100 billion in assets under management, oversees the Australian dollar reserve. Meanwhile, its custodian is State Street, a company that manages $4.1 trillion in assets. Agora is backed by venture capital firm Dragonfly.

The fully collateralized US digital dollar, which is minted at a 1:1 ratio with the US dollar, currently has a market capitalization of $57.21 million.