The Rollup Agora vs Paxos vs Frax: The Ultimate Stablecoin Stewardship Battle
Sep 9, 2025
The fierce stablecoin wars take center stage as major players Agora, Paxos, and Frax compete for the USDA mantle. Community engagement and innovative proposals drive this thrilling showdown, with direct revenue sharing signaling a fresh direction in crypto. Key discussions include strategic partnerships, the balance of decentralization and institutional backing, and the critical importance of transparency and governance. A focus on expanding user access within everyday financial platforms highlights the ongoing evolution of the stablecoin landscape.
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Agora Frames Neutral, Community-First Bid
- Agora positioned itself as a neutral, experienced issuer focused on giving 100% revenue back to the community.
- They emphasize coalition-building with partners like Rain, LayerZero and Etherfi to broaden USDH distribution.
Use Quarterly Governance For Revenue
- Run periodic governance votes to decide how revenue is spent rather than locking a one-size policy forever.
- Use transparent accounting and quarterly votes so the community dictates revenue allocation like staking or buybacks.
Tradeoff: Community Roots vs Institutional Strength
- Issuers split into community-led teams that outsource operations versus regulated incumbents with domain expertise.
- The community must choose between pure community alignment and operational safety plus institutional reach.