Stablecoin issuer Agora has hit a new milestone with the first-ever over-the-counter transaction involving its flagship asset, Agora USD.

The company announced the significant development on Jan. 8, noting that the OTC transaction involved collaboration with Galaxy Digital, a digital asset and blockchain firm founded by Michael Novogratz.

According to Agora, the successful execution of the OTC transaction highlights the growing demand for digital dollar solutions.

“This trade marks the transition of AUSD from proof of concept to real-world application, showcasing its potential to capture market share in the maturing digital economy. As U.S. regulations around digital assets take shape, we are committed to meeting these standards and positioning AUSD as a cornerstone of the institutional stablecoin market,” Nick Van Eck, chief executive officer and co-founder of Agora, said in a statement.

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Jason Urban, global head of trading at Galaxy, noted that this milestone aligns with the company’s mission to drive digital asset innovation and adoption across the global financial system. AUSD offers users a “compliant and transparent stablecoin,” the Galaxy executive added.

Agora’s growing adoption comes amid a series of key crypto integrations, including partnerships that saw AUSD go live on Avalanche, Sui and Injective networks. The token’s initial mint was on the Ethereum (ETH) blockchain.

Van Eck, an asset manager with over $100 billion in assets under management, oversees AUSD’s reserve. Meanwhile, its custodian is State Street, a firm managing $4.1 trillion in assets. Agora is backed by venture capital firm Dragonfly.

The fully collateralized U.S. digital dollar, which is minted 1:1 with USD, currently has a market cap of $57.21 million.

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