一年内连融两轮，Agora 的增长逻辑资本为何愿意买单？

深潮Publicado em 2025-07-11Última atualização em 2025-07-11

Agora 获 5000 万美元融资，背后是机构稳定币市场的未竟之争。

撰文：ChandlerZ，Foresight News

7 月 10 日，稳定币公司 Agora 宣布完成 5000 万美元 A 轮融资，由加密风险投资机构 Paradigm 领投，早期投资方 Dragonfly 等继续参投。本轮融资距其 2024 年完成的种子轮仅一年时间，当时共募得 1200 万美元，投资方包括 Foresight Ventures、Hack VC、Galaxy Digital 等。

当前，稳定币市场已由 Tether 和 Circle 等头部项目占据大部分份额，Agora 尚处早期阶段，核心产品 AUSD 的流通市值约为 1.6 亿美元。尽管行业格局集中、监管环境逐步明确，该公司所提出的发行模式仍吸引资本关注。对于机构而言，除了产品可落地与服务稳定性等要素，是否存在新的稳定币切入方式，也成为评估的关键因素之一。

Agora 简况

Agora 成立于 2023 年，总部设于美国，专注于提供稳定币相关基础设施。首个产品 AUSD 采用 1:1 铸造模式，以现金、短期美国国债及隔夜回购协议为储备资产。公司服务对象为企业与机构，提供稳定币的发行、清算与托管能力，并不直接面向终端用户。

在产品策略方面，Agora 建立了以 AUSD 为底层的发行框架，合作方可基于该框架发行自有品牌稳定币。该方式避免了对 Agora 品牌的依赖，合作方可保有收益分配与运营主导权。技术上，AUSD 支持部署至以太坊、Solana 等主流链，合约层实现多种功能扩展，包括权限控制、签名验证与隐私传输等。

在服务应用层，Agora 提供 AUSD 与主流稳定币（USDC、USDT）之间的兑换通道，为部分机构客户开放全天候流动性接口。截至目前，AUSD 的链上交易笔数超过 800 万，累计交易规模逾 120 亿美元，注册用户数约 5.5 万人，合作机构超过 100 家。当前流通以链上为主，使用主要集中于部分去中心化交易平台与支付场景。

从市场定位来看，Agora 更接近于 Paxos 模型，主打机构合作导向。但与 Paxos 为合作方发行独立稳定币不同，Agora 合作方的产品均锚定 AUSD，并共享底层流动性。这种做法在保持品牌独立的同时，也使网络内部资产具备可互换性，利于流动性管理与技术接入。

团队背景

Agora 由 Nick van Eck、Drake Evans 和 Joe McGrady 共同创办，三人分别担任首席执行官（CEO）、首席技术官（CTO）和首席运营官（COO）。根据公开信息，目前公司团队人数在 10 人以内。

Nick van Eck 曾任 General Catalyst 合伙人，长期关注企业软件与加密方向的投资机会，此前亦曾就职于 JMI Equity，参与多个大型交易项目，毕业于弗吉尼亚大学。

Drake Evans 负责技术架构与合约开发，早年参与 Frax Finance 相关模块建设，包括 Fraxlend、Fraxswap 和 frxETH 等项目，合约峰值管理资产曾超 10 亿美元。他曾在 ADP 旗下团队从事支付系统性能优化工作，具备相关合规系统开发经验。

Joe McGrady 负责公司运营，在加入 Agora 前为 Galaxy Digital 全球运营负责人，曾参与交易、借贷、资产管理及基础设施的组织建设，也负责 Fireblocks 等项目的对接流程。他曾在 Ospraie Management 及衍生公司 ParkRiver 担任关键岗位，长期从事机构尽调、运营管理等工作。

整体来看，团队成员背景横跨风险投资、区块链协议开发与传统金融运营，具备推动机构级产品的基础条件。

产品布局：三条主线战略

Agora 当前以三条产品线构建服务体系，涵盖稳定币发行、流动性管理与多链网络部署，试图应对当前稳定币应用中存在的合规透明、资金调度与跨链使用等核心问题。

第一条产品线是 AUSD 稳定币本身，资产储备构成以短期美债与现金为主，并由第三方托管机构监管，具备一定的透明披露与审计安排。这一资产结构能够满足部分地区对稳定币产品的监管要求，并降低储备资产不透明所带来的信用风险。

第二条产品线是「即时流动性」服务。Agora 搭建了与 USDC、USDT 等稳定币的兑换机制，机构用户可在多个链上以较低延迟完成资产转换。该功能通过 Atlas 接口提供服务，目标是降低流动性分层带来的使用摩擦，同时提升跨链资产的资本使用效率。

第三条产品线是稳定币发行网络与白标平台。Agora 支持多链部署，并可将合作方产品桥接至中心化与去中心化交易平台。企业客户可根据各自需求发行本地化稳定币，系统提供相应的清算、托管与品牌支持能力。这一平台型结构，提升了合作方自主权，也增强了整体网络的适应性与协同性。

小结

在稳定币市场逐步成熟、用户需求日益分化的背景下，资本开始关注产品模型与服务边界的调整空间。Agora 所采用的合作式发行结构，服务对象聚焦企业用户和机构场景，落点相对明确，减少了与头部项目在终端市场的直接交叉。

当前融资亦表明，资本市场对该类模式的探索仍保有兴趣，尤其在政策框架逐步成型的背景下，机构更倾向于关注具备合规适应性和拓展潜力的项目。对于稳定币行业而言，Agora 的尝试提供了一种兼顾标准化与定制化的可能路径，面向机构、依托底层网络的方式，或将成为未来稳定币发展过程中的一个参考样本。

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