Tenka is partnering with Agora to integrate AUSD as a settlement asset for its diversified Senior Vault, tkUSD, and selected Deal Vaults.
Agora provides stablecoin and global settlement infrastructure for businesses and financial institutions. Agora’s US dollar stablecoin (AUSD), which is issued by Agora Bermuda Limited and fully backed by liquid reserves, is designed to bring dollar settlement onchain.
For Tenka, this strategic alliance addresses an important part of building a market for asset-backed credit: managing capital before it is deployed, between investments, and when investors want to exit.
Investor return depends on more than the assets
Strong underwriting is the foundation of Tenka’s investment approach. But the return on a facility is not the same as the return an investor ultimately receives.
Capital is not always fully deployed. It waits while a deal completes bookbuilding, as a facility draws down progressively, or between repayment and reinvestment. Tenka’s Senior Vault, tkUSD, also maintains a liquidity sleeve to help meet redemption requests.
These balances serve a purpose. We cannot rush deployment or reduce liquidity reserves simply to improve a headline yield. But holding capital in a non-yielding asset creates cash drag, reducing the return of the portfolio as a whole.
Our objective is to manage this cost while keeping capital available for its intended use.
Why Agora
Three key aspects confirmed our decision to integrate AUSD.
- Reserve quality and transparency. AUSD’s reserves are held in short-dated US Treasury bills, overnight reverse repurchase agreements, and cash. Agora identifies VanEck as its reserve manager and State Street as its custodian, with independent reserve attestations provided by Grant Thornton LLP. Read more about AUSD’s reserves and providers.
- Shared economics. Agora shares economics with partners and platforms that use AUSD. For Tenka, this provides a way to help offset the cost of capital awaiting deployment or held for liquidity, alongside the use of AUSD for settlement. These economics come from Tenka’s commercial agreement with Agora. Holding AUSD does not by itself entitle a holder to any economics. More on how Agora shares economics
- A commitment to regulatory oversight. The issuer of AUSD, Agora Bermuda Limited, is regulated and licensed by the Bermuda Monetary Authority and holds a Class F license. In September 2026, Agora National Trust Bank, In Organization, received preliminary conditional approval from the US Office of the Comptroller of the Currency to establish a national trust bank. This is a significant step, although final approval remains outstanding. Read Agora’s announcement.
Together, these features make Agora a strong fit for Tenka: disciplined credit investment supported by transparent and efficient settlement infrastructure.
How Tenka will use AUSD
AUSD will support subscriptions and redemptions for tkUSD, as well as bookbuilding and settlement for selected Deal Vaults.
Its use will depend on each product’s structure and operational requirements. Other Deal Vaults may use different settlement assets, and the underlying facilities may be denominated in other currencies.
For products using AUSD, the integration will simplify the movement of capital between investment stages and the shared economics will reduce the cost of capital awaiting deployment.
The distinction matters: AUSD supports settlement and liquidity management. The underlying facilities generate the credit return. Using a common settlement asset does not remove investment risk or guarantee a secondary-market buyer, but it simplifies the process of investing and trading.
Building together
Tenka is building a market where asset-backed credit can be financed, monitored and traded more efficiently. This requires both well-structured investments and reliable infrastructure.
Agora will be an important partner in that effort. We look forward to deepening the relationship and sharing more as the integration progresses.
“Onchain credit depends on infrastructure as much as underwriting. Tenka was designed with both in mind from the start, and Agora gives them an institutional-grade settlement asset that moves with their capital at every stage, earns at rest, and carries no offramp fees.”Nick van Eck, CEO and Co-Founder, Agora
“Good portfolio management means paying attention to capital before it is invested, not just once it is deployed. Our partnership with Agora helps us address this while giving investors a common settlement asset for tkUSD and selected deals. It is a practical foundation for the market we’re building.”Émile Dubié, Co-Founder and CEO, Tenka