Bitcoin hit an all-time-high (in USD terms). Euphoria is back. Markets flipped bullish, headlines are glowing, and El Salvador’s President is now posting his nation’s Bitcoin P&L every twelve hours.

Conventional trader wisdom says this is when you take profits. But then there’s Bitwise CIO Matt Hougan, saying that this is “more an interim high. It’s going much, much higher.”

In the meantime we stick to stablecoins. Yesterday we published our interview with AllUnity CTO Peter Grosskopf on their soon-to-be-launched euro stablecoin EURAU. Today, it’s Nick van Eck’s turn: Agora just raised $50 million to build out their white-label stablecoin platform. Our interview below.

Plus, we’ll talk about:

• SEC issues statement on tokenized securities

• Ethereum Foundation continues restructuring: a chat with their Ecosystem Development Lead

Stablecoin Startup Agora Raises $50M — Interview with CEO Nick van Eck

Stablecoin fundraise: Yesterday, stablecoin startup Agora announced a $50 million investment round to accelerate the growth of its USD stablecoin, AUSD, and further develop its stablecoin issuance platform. The round was led by crypto venture firm Paradigm, with participation from Dragonfly.

• Why it matters: Unlike stablecoin giants Circle and Tether, which focus solely on distributing their own branded assets, Agora combines issuance with infrastructure. Next to AUSD, Agora also offers a white-label platform that allows businesses to launch and manage their own stablecoins.

TradFi backing: That vision is supported by strong institutional roots. Co-founded by Nick van Eck — son of Jan van Eck, CEO of the asset manager VanEck — Agora works with State Street as its cash custodian and VanEck as investment manager.

Interview: We sat down with Nick van Eck to unpack the strategy behind Agora’s architecture and what types of customers they’re targeting with their white-label platform.

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On the core design behind Agora’s white-labeled stablecoins:

• “With most white-label stablecoin providers like Paxos, each new stablecoin launches as an entirely new token, which means starting from scratch: no integrations, no liquidity, no network effects. We did the opposite. Every white-labeled stablecoin built with Agora is just a wrapper on top of AUSD. That means they inherit AUSD’s onchain liquidity, exchange listings, and integrations from day one. It’s one network, many brands — not many tokens in many silos.”

On Agora’s approach to yield-sharing:

• “From the start, we were clear-eyed: interest-bearing stablecoins won’t be allowed in regulated markets. They compete with banks. And they introduce compliance risk if you’re paying unknown holders. That’s why we only share revenue with fully KYB’d entities. If a white-label client wants to pass rewards on to their users, that’s their call — not ours.”

Why they started out with AUSD:

• “Our belief from the beginning was: build the base first. We’ve spent the past year getting AUSD to parity with USDC and USDT — in terms of network coverage, exchange listings, DeFi presence, and on/off ramps. The white-label strategy only works because AUSD is already deeply integrated. It’s not just another stablecoin. It’s an infrastructure layer.”

Why Agora focuses on markets outside of the U.S.:

• “Access to dollars in the U.S. is easy. You have a bank account, Venmo, direct deposit. That’s not the case in places like Argentina, Turkey, or Nigeria. Those are the markets where stablecoins are genuinely better: not 10% better, but 10x. That’s also where you see fintechs and exchanges actively searching for infrastructure.”

What kind of companies they’re targeting with their white-label solution:

• “It’s a broad market. Our TAM is money. But today, we’re focusing on players that aren’t just crypto-curious. We’re working with fintechs, exchanges, gaming companies, and even chain ecosystems building native stables. Multinationals also get it: they’re looking for faster treasury movement across borders. They don’t want to deal with correspondent banks anymore.”

On the new phenomenon of stablecoin-focused blockchains:

• “I think there’s potential if these chains really optimize for money movement, like building infrastructure tailored to payments, compliance, and institutional apps. That could work. But honestly, some existing chains already play that role pretty well. From our side, we’re chain-agnostic. We go where demand is.”

On what’s next for the product:

• “The foundation is built, now we’re expanding the stack. Better dashboards, analytics, compliance tooling. Eventually, we want to become the financial operating system for our clients: helping them manage treasury, move money, and operate globally onchain. It’s still early, but the direction is clear.”

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SEC Issues Statement on Tokenized Stocks as Robinhood, Kraken Push Ahead

Regulatory clarity: On Wednesday, SEC Commissioner Hester Peirce issued a statement addressing the accelerating tokenization of traditional securities, providing clear guidance as companies like Robinhood and Kraken expand their tokenized equity offerings.

The bottom line: Peirce emphasized that blockchain technology doesn't alter the fundamental regulatory nature of securities, warning firms that tokenized assets remain subject to existing federal securities laws and disclosure requirements.

• "As powerful as blockchain technology is, it does not have magical abilities to transform the nature of the underlying asset," Peirce stated. "Tokenized securities are still securities."

• Further, she stressed that "market participants must consider—and adhere to—the federal securities laws when transacting in these instruments."

Putting on the brakes? The statement represents the first cautionary note from the SEC since its new, crypto-friendly leadership took office and reversed the agency's stance on crypto, actively collaborating with industry on new frameworks and embracing tokenization — a shift that has unleashed a flurry of activity in tokenized equity markets.

Constructive approach: But rather than halting progress, Peirce reaffirmed the Commission's willingness to modernize rules where appropriate: "When unique aspects of a technology warrant changes to existing rules or where regulatory requirements are outdated or unnecessary, we stand ready to work with market participants to craft appropriate exemptions and modernize rules."

A conversation with James Smith, Ecosystem Development Lead at the Ethereum Foundation (EF). Yesterday, he introduced a set of changes and new initiatives on how the EF will actively support real-world adoption and the growth of founders, builders, and businesses in its ecosystem.