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Agora’s Nick van Eck Is All-In on Stablecoins

Published

6 месяцев ago

7 января, 2025

Having travelled extensively through many emerging markets, Nick van Eck, the CEO and co-founder of stablecoin issuer Agora, is keenly aware of the problems that currency debasement and a lack of sound financial systems can create for citizens of these countries.

With AUSD, Agora’s flagship stablecoin product, van Eck is focused on solving the unique challenges these nations face. “With stablecoins, people in places like Argentina or India can save money without worrying about inflation or capital controls,” van Eck said in a recent interview with CoinDesk. “It’s a simple yet revolutionary tool that can change lives, especially when and where traditional banking systems fall short.”

Van Eck has extensive experience as a tech investor and a family background in the gold sector — vanEck, the fund company founded by his grandfather, manages one of the world’s largest gold mining funds. Early on, Nick van Eck recognized BTC’s potential as a store of value and aligned himself with the principles of early Bitcoiners.

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Fresh off a two-week trip with his family to South America’s Patagonia region, van Eck spoke about the evolving role of stablecoins in emerging markets, the catalysts driving stablecoin adoption and the unique dynamics of the Asian market. In addition, he described Agora’s approach to building blockchain-based payment infrastructure and the importance of what he calls “credible neutrality.” What follows is a lightly edited transcript of our discussion.

What’s been your journey from a technology investor to starting Agora? What sparked your interest in blockchain-based payments?

I started my career investing at the private equity firm JMI Equity and knew I wanted to be an investor from an early age. I was working at a hedge fund in 2016 when I first got exposed to Bitcoin. The concept of Bitcoin as “digital gold” resonated with me, and I shared many beliefs with early Bitcoiners. That’s when I first got involved, but I continued to work as a tech investor for many years.

During the DeFi summer of 2020, I was drawn back into crypto as applications like Uniswap and Aave made the idea of an open financial system tangible. For many globally, these tools were better than their existing financial systems. Blockchain enables people to save and earn money in ways that weren’t possible before, and it felt like the start of a revolution. So, about a year ago, I left VC firm General Catalyst to start Agora.

How have your travels, including your latest trip to Patagonia, influenced your vision for Agora?

I feel very fortunate to have traveled to parts of the world where access to financial services and opportunities is far more limited than what Americans often take for granted. Spending time in places like Argentina or India has made it clear to me just how diverse the world is in terms of opportunities and challenges. The idea of providing a financial instrument that allows someone to save money without worrying about inflation is incredibly valuable in places like Patagonia and Argentina. My grandmother was an immigrant who had a difficult childhood, growing up in conditions shaped by hyperinflation, capital controls and other financial challenges. I’ve seen similar situations in my travels, and while I didn’t live through them myself, those experiences made the realities of financial instability very real to me in a way that goes beyond intellectual understanding.

What sets Agora and AUSD apart from other stablecoins like USDT or PYUSD?

Firstly, we are credibly neutral. USDC, for example, shares half its income with Coinbase. Tether doesn’t have any partners, and PYUSD is essentially a PayPal subsidiary designed to compete with various remittance companies. We’re like a vanilla fiat coin. We take in a dollar, mint one AUSD, and that dollar is in a bank account somewhere. Our focus from day one has been to stay credibly neutral and concentrate on building the best digital dollar network without competing with our customers. We believe in an open model where we share revenue with the underlying applications or businesses using AUSD.

Why are stablecoins so critical to the crypto ecosystem, especially in Asia?

Stablecoins are the lifeblood of the crypto economy, just as money is for any economy. In Asia and Southeast Asia, they provide a stable unit of account in regions where access to financial services is limited and local currencies often face volatility. What’s often misunderstood is that stablecoins aren’t just about trading — they enable wealth preservation, lending and other financial services. For many people in emerging markets, they offer opportunities that traditional systems cannot.

What challenges do stablecoins face in achieving widespread adoption?

Regulation is the main hurdle. Businesses are keen to use stablecoins due to their cost efficiency and speed, but they need clarity on legal and compliance frameworks, like knowing who the licensed providers are. Stablecoins have gained traction in crypto-native spaces, but there’s still untapped potential in traditional markets like cross-border payments and B2B transactions. I think this is just the beginning of what’s going to be a twenty-year journey of mass adoption.

How do you see the Asian market shaping global trends for stablecoins?

Asia is uniquely positioned to drive stablecoin adoption due to its high demand for cross-border payments and latent dollar demand, a strong but unmet need for access to U.S. dollars in trade, savings or transactions. There are a lot of different countries in Asia, many of which are really wealthy but have a lot of high dollar demand rates. Southeast Asia, in particular, has a younger, underbanked population always on the lookout for more competitive financial services. With a smartphone, these people can access pretty attractive dollar-denominated opportunities like Aave and similar DeFi protocols without needing a bank account.

How is Asia different from regions like the U.S. or Europe?

The key difference is access to U.S. banks. In the U.S., financial services are readily available. Stablecoins fill a significant gap in Asia, however, offering a dollar-based financial tool for those without access to traditional banking. That’s why our focus is entirely on markets outside the U.S. In Hong Kong, you have a pretty good financial ecosystem, but outside of that developed market, there’s a lot of opportunity to provide better financial products.

How do you see blockchain-based payments evolving over the next decade?

I think you’ll see the majority of cross-border payments transition to stablecoins as opposed to the banking system using Swift today. You’ll also see a lot of foreign exchange trading settle on-chain. We’re excited to play very significant roles in both parts of those growth markets.

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ETH Price Surges as $2.9B Inflows, EthCC, and Robinhood’s L2 Fuel Bullish Sentiment

Published

3 часа ago

30 июня, 2025

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Ether (ETH) 3.5% in the past 24 hours to $2,519 as of 18:59 UTC on June 30, according to CoinDesk Research’s technical analysis model, supported by continued institutional demand, network upgrades, and major retail platform integrations.

Institutional interest remains robust, with CoinShares reporting $429 million in net inflows into ether investment products over the past week and nearly $2.9 billion year-to-date. This trend has coincided with a declining ETH supply on exchanges and rising staking levels, with over 35 million ETH —a round 28% of the total supply — now locked in proof-of-stake contracts. Market analysts suggest that these factors are reducing liquid supply and bolstering ether’s long-term investment thesis.

Robinhood announced on Monday that it is developing its own Layer-2 blockchain using Arbitrum’s rollup infrastructure. The network is not yet live, but the initiative will eventually support Ethereum staking, tokenized stock trading, and perpetual crypto futures. Although the L2 is under development, the decision to build it on Ethereum’s rollup ecosystem is seen as a long-term vote of confidence in Ethereum’s scalability roadmap.

Ethereum co-founder Vitalik Buterin has also introduced a new digital identity framework using zero-knowledge proofs. This system allows users to verify traits or credentials without revealing private data and is designed to help Web3 apps incorporate privacy-preserving identity systems. Analysts view this as a key step toward wider adoption of decentralized applications requiring sensitive user authentication.

Meanwhile, the Ethereum Community Conference (EthCC) kicked off in Cannes, France, gathering more than 6,400 attendees and 500 speakers. The event showcases Ethereum’s ongoing developer momentum through presentations on new tools, scaling strategies, and protocol improvements.

Despite the positive momentum, ETH remains just below its 200-day moving average, suggesting technical barriers still exist. However, the confluence of inflows, developer progress, and scaling plans continues to support a constructive outlook.

Technical Analysis Highlights

Ether traded between $2,438.50 and $2,523 from June 29 19:00 to June 30 18:00, marking a 3.47% range.
The largest spike occurred during the 22:00–23:00 UTC window on June 29, when ETH surged 2.9% on volume of 368,292 ETH, briefly pushing through the $2,500 barrier.
On June 30 at 15:00 UTC, ETH found strong support around $2,438 on above-average volume, confirming a bullish floor.
A local high of $2,523 was reached earlier in the day, establishing resistance just above the psychological $2,500 level.
During the final hour from 18:00 to 18:59 UTC on June 30, ETH retraced from an intraday peak of $2,499.19 to close at $2,487.19.
A sharp upward move between 18:20–18:21 saw ETH climb 1.6% on 6,318 ETH volume, stalling near $2,499.
As of 20:23 UTC on June 30, ETH traded at $2,519, up 3.49% in 24 hours, signaling renewed bullish momentum into the Asia open.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.

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Circle Applies for National Trust Bank Charter

Published

4 часа ago

30 июня, 2025

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Circle (CRCL), the company behind the USDC stablecoin, said Monday it has filed an application with the Office of the Comptroller of the Currency to form a federally regulated national trust bank.

A federal trust charter would bring Circle under direct OCC oversight, aligning it with how traditional financial institutions are regulated. If approved, the new entity, which would be called First National Digital Currency Bank, N.A. would oversee custody of USDC reserves and offer services tailored to institutions. If approved, Circle would join the ranks of federally chartered institutions like Paxos and Anchorage, both of which previously secured trust bank status to offer crypto-related services nationwide.

The trust bank status would allow Circle to operate across state lines without obtaining separate licenses in each state — a hurdle that has complicated expansion for many digital asset companies. It would also permit Circle to offer regulated digital asset custody services to institutional customers.

The move signals a strategic effort by Circle to solidify its regulatory standing as the U.S. mulls legislation like the GENIUS Act, which would create new guardrails for dollar-backed stablecoins. The company said becoming a national trust bank would help it meet anticipated requirements under the bill, which passed through the Senate earlier this month and now awaits a vote in the House of Representatives.

«By applying for a national trust charter, Circle is taking proactive steps to further strengthen our USDC infrastructure,» Circle CEO Jeremy Allaire said in a statement. «We will align with emerging U.S. regulation for the issuance and operation of dollar-denominated payment stablecoins, which we believe can enhance the reach and resilience of the U.S. dollar, and support the development of crucial, market neutral infrastructure for the world’s leading institutions to build on.”

Circle went public last month and issues the world’s second-largest stablecoin, USDC, and the leading euro-pegged token EURC.

The OCC, which oversees national banks and federal savings associations, must still review and approve Circle’s application. The agency has granted similar charters to a handful of crypto firms in recent years, signaling growing regulatory acceptance of digital asset companies operating within the traditional banking framework.

UPDATE (June 30, 2025, 20:50 UTC): Adds additional information.

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HBAR Climbs 2.1% as Traders Digest ETF Review, AI Launch, and Energy Governance Move

Published

4 часа ago

30 июня, 2025

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Hedera’s native token HBAR HBAR extended its rally on Sunday, trading up 2.1% to $0.1519 as of 19:56 UTC on June 30, according to CoinDesk Research’s technical analysis model.

The move follows a flurry of ecosystem updates that broaden Hedera’s enterprise reach and reinforce its growing footprint in AI, gaming, and sustainability.

On June 24, Blockchain for Energy (B4E), a nonprofit focused on sustainability data management in the energy sector, officially joined the Hedera Governing Council. B4E already runs its carbon tracking platform on the Hedera network, and its addition brings domain expertise in emissions reporting and digital MRV (measurement, reporting, and verification) standards. As a council member, B4E will run its own node and contribute to governance decisions—particularly those aligned with environmental transparency and enterprise accountability.

Just two days later, Hedera unveiled its AI Studio, an open-source software development kit designed to help developers build decentralized applications powered by artificial intelligence. The suite includes an Agent Kit that integrates with LangChain and enables AI agents to interact directly with Hedera’s consensus and token services using natural language commands. The goal is to lower the barrier for AI-native apps while maintaining onchain auditability, transparency, and regulatory alignment.

On the gaming front, Hedera Foundation announced on June 19 a partnership with The Binary Holdings (TBH), a Web3 infrastructure firm. The collaboration aims to bring Hedera-based gaming apps to mobile users in Southeast Asia via OneWave, TBH’s decentralized app store. Integrated into native telecom platforms across Indonesia and the Philippines, OneWave is expected to onboard over 169 million users with built-in Web3 rewards and onchain verification.

Meanwhile, in mid-June, the U.S. Securities and Exchange Commission began a formal review of the Canary HBAR ETF, which would offer direct exposure to HBAR via a regulated investment vehicle. A public comment period is now open ahead of the SEC’s July 7 deadline. If approved, the ETF could catalyze broader institutional access and further legitimize HBAR’s role in capital markets—though regulatory scrutiny remains high, and analysts remain divided on long-term token utility.

Technical Analysis Highlights

HBAR traded in a 4.1% range from $0.1478 to $0.1538 between June 29 19:00 UTC and June 30 18:59 UTC.
A strong breakout occurred during the 22:00 hour on June 29, with price surging to $0.154 on volume of 104.5M units.
Major support formed at $0.148 between 14:00–15:00 UTC on June 30, with 80.6M units traded.
From 18:00–18:59 UTC on June 30, HBAR showed a V-shaped recovery, dipping to $0.149 before rebounding.
During the 18:20–18:21 UTC window on June 30, price stabilized with 1.3M in volume, forming short-term support at $0.149.
As of 19:56 UTC on June 30, HBAR traded at $0.1519, up 2.1% for the day with resistance seen at $0.1538.