Nick van Eck, son of investment guru Jan van Eck, is embarking on launching a new stablecoin named Agora, leveraged by a recent $12 million funding round.

The coin, tagged AUSD, is set to introduce the United States to a dollar-backed digital currency, albeit its release awaits thorough legislative approval in the country.

Collaborating with crypto experts Drake Evans and Joe McGrady since October, Nick van Eck is poised to spearhead Agora as CEO, aiming to innovate in the digital currency space.

Agora's digital dollar, AUSD, promises robust backing, comprising cash, U.S. Treasury bills, and overnight repo agreements.

This financial structure is underpinned by the $90 billion asset management prowess of VanEck, guided by the senior van Eck.