Minting AUSD with dollars is now faster than ever. Set up a route once in the Agora Platform, telling us which token to mint, on which chain, and where to send it. Then wire USD with the route’s memo, and AUSD arrives in your wallet within minutes of us receiving it. Whitelabel tokens now work the same way.
About the Agora Platform
The Agora Platform is where you mint and redeem AUSD with fiat and stablecoins, manage your addresses and wallets, and configure permissions and API keys.
Why we built it
Minting AUSD with stablecoins was already automatic via the Agora Platform. But fiat mints needed more steps on our end between your wire and your AUSD. As we scale Agora’s business, we would rather they did not.
So we automated it. When your wire arrives, we match it to your route, run our checks, and mint if everything lines up. You receive your tokens within minutes, and the wires that need a closer look get our team’s full attention.
Three steps to faster mints
- Create a route from USD to AUSD (or to your whitelabel token) in the Platform or the API. It gets a unique memo.
- Send a wire to the account details on the route, with the memo in the reference field.
- Receive AUSD in the route’s wallet, 1:1 with the dollars received.
Once the route is set up, every wire to it mints with no extra steps.
For a wire to go through automatically:
- Include the memo exactly as shown. It can sit anywhere in the field.
- Send from a bank account you have registered with Agora.
- Send in your organization’s name, as registered with Agora.
What it took
A wire is free text that passes through several banks before it reaches us, and any of them can add to it, cut it, or reformat it. We built the automation around that.
The memo is designed to survive the trip. It uses only characters every bank accepts and carries a check character, so a memo damaged in transit fails instead of matching someone else’s route.
Before any AUSD moves, the wire has to match a bank account you registered, by both account number and bank, since account numbers are only unique within a bank. The name on the wire has to be yours. Every bank the money passed through, not just yours, must have cleared our sanctions screening, and your organization must be in good standing at the time of the mint.
If anything does not line up, we hold the wire for a person to review rather than guess. And no wire pays out twice, however many times it is processed.
What’s next
- Faster fiat redemptions: redeem AUSD and receive dollars in your bank account, with the same automation on the way out.
- Wire status in the Platform: see each wire as it is processed, including when it is held and why.
Ready to mint with dollars?
Create a USD route in the Agora Platform or through the API, and your next wire mints on its own. Talk to our team if you want help setting it up.