Initia iUSD

The token on Initia labeled iUSD is not its own dollar but Agora's AUSD bridged onto the Initia chain, so no separate issuer stands behind the wrapper. AUSD is issued by Agora, whose reserves are backed one-to-one by cash, short-dated US Treasury bills and overnight repo, managed by VanEck and custodied at State Street. That backing is what gives iUSD its peg. The redemption right is narrow: ordinary holders trade or bridge the token on the open market, while par redemption for the underlying dollars runs through Agora and is reserved for approved institutional counterparties. For a Move-based network like Initia, iUSD serves as the canonical dollar that DeFi and payments settle in, inheriting whatever trust AUSD's reserve managers carry rather than any guarantee native to Initia itself.