Stablecoin Agora raised $12 million in seed funding, reports Bloomberg. 

The venture firm Dragonfly led the round, which saw additional support from General Catalyst and Robot Ventures.

Agora intends to launch a USD-pegged stablecoin backed by cash, Treasury bills from the United States and overnight repurchase agreements, and forge relationships with exchanges and other crypto firms. The firm will, for now, center on non-U.S. customers. 

Nick Van Eck, son of investment firm VanEck CEO Jan Van Eck, co-founded Agora. VanEck will manage the funds in Agora's reserves, Bloomberg adds.

Agora faces strong competitors in the USD-pegged stablecoin market. Tether's USDT takes 55.34% of the total Ethereum stablecoin supply, while Circle's USDC comprises 30.61% of it, according to The …