According to Bloomberg, stablecoin startup Agora announced the completion of a $12 million seed round of financing, led by Dragonfly, with participation from General Catalyst and Robot Ventures. Agora will issue stablecoins backed by cash, U.S. Treasuries and overnight repurchase agreements. Kyle DaCruz, director of digital asset products at VanEck, said VanEck will manage the Agora reserve fund. Agora plans to sign revenue-sharing contracts with partners. Agora was co-founded by Nick Van Eck, son of investment management veteran Jan Van Eck, and cryptocurrency veterans Drake Evans and Joe McGrady.

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