According to the official announcement, asset manager Galaxy and stablecoin issuer Agora have completed the first over the counter involving Agora stablecoin AUSD. "This transaction marks the transition of AUSD from proof of concept to practical application," said Nick van Eck, Agora's chief executive, in a statement. Agora said AUSD was a "builder-centric" stablecoin designed to attract traders and developers with "gas-optimized" smart contracts. It also said the stablecoin was fully backed, with collateral held by one of the world's largest asset managers and subject to regular reserve audits.