Who controls it
Agora controls AUSD minting, burning, upgrades, and asset freezing; its reserve fund holds cash, short-term Treasuries, and overnight repo instruments.
- Backing
- Cash, short-term U.S. Treasuries, and overnight repurchase agreements in the reserve fund.
- Holder’s claim
- AUSD is an issuer-administered token supported by reserve assets; holders do not own individual portfolio assets.
- Redemption or sale
- Approved counterparties access primary issuance and redemption; other holders use on-chain or venue liquidity.
Dependencies
- Agora administrator roles
- Reserve fund, custodian, and bank
- Upgradeable contracts
- Approved counterparty access
Losses and incidents
- We found no control, reserve, or redemption incident in the sources we reviewed.
Advisor notes
Controlling party: Agora and its privileged contract roles. Check whether the client can redeem directly with the issuer. Holding the token on chain leaves every reserve, custody, contract, and legal dependency in place.
A named organization or administrator controls issuance, transfers, reserves, redemption, or address restrictions. This grade can sit beside a sound reserve, a useful product, or a fitting role in a client account. It records who can act on the token and passes no judgment on the product.
Questions before use
- Does the exact contract and chain match the instrument reviewed here?
- Which party can mint, burn, pause, upgrade, block, or redeem?
- Does the client have direct redemption access or only secondary liquidity?
- What protocol, bridge, wallet, and custodian dependencies are added?
- Which event would force a review or a sale?
Sources
- Agora: AUSD product · primary
- Agora: Contract overview · primary
- DefiLlama: Stablecoins circulation dataset · secondary
Issuers can change their documents and product terms. This page gives our reading of control as of 2026-08-19. Check the current terms before a client buys.
Legend: No freeze key: no issuer or administrator can freeze an address at this layer · Governed, no freeze: on-chain collateral and governance set the terms, but no issuer blocklist exists · Mixed control: on-chain mechanisms sit beside custodians, real-world assets, a central transaction orderer, or other parties a court or regulator can compel · Issuer can freeze: a named organization or administrator controls issuance, transfers, reserves, redemption, or address restrictions. How grading works.