Van Eck heir to launch new USD stablecoin with $12M VC backing

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The Agora digital dollar won’t be available in the United States until comprehensive legislation has been passed, said Nick van Eck.

Nick van Eck, the son of investment management maestro Jan van Eck, is set to launch a new United States dollar-backed stablecoin after closing a $12 million funding round.

Crypto veterans Drake Evans and Joe McGrady joined with van Eck in October to build Agora — which will launch the Agora digital dollar with the ticker AUSD, according to an April 2 Bloomberg report. Nick van Eck will serve as CEO.

AUSD will be fully backed by cash, U.S. Treasury bills, and overnight repo agreements, while $90 billion asset management firm VanEck — where Jan van Eck is CEO — will manage a fund for Agora’s reserves.

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