Comparison · 2026 edition
Agora (AUSD) vs Gemini (GUSD): stablecoin issuers compared 2026.
Agora (AUSD) and Gemini (GUSD) side by side in the Stablecoin Issuers Index 2026: scores, evidence, published facts and awards.
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Agora (AUSD) and Gemini (GUSD) side by side in the Stablecoin Issuers Index 2026: scores, evidence, published facts and awards.
In the Stablecoin Issuers Index, Agora (AUSD) scores higher overall: 3.3 out of 5 (66 out of 100) against 3.1 (63), ranking 4 and 5 of 11. Agora (AUSD) scores higher for exchanges and brokers; Gemini (GUSD) scores higher for corporate treasuries; they tie for payment and e-money firms.
Overall and segment scores out of 100, and the score out of 5.
| Score | Agora (AUSD) | Gemini (GUSD) |
|---|---|---|
| Score out of 5 | 3.3 | 3.1 |
| Score out of 100 | 66 | 63 |
| Overall rank | 4 of 11 | 5 of 11 |
| For payment and e-money firms (out of 100) | 65, rank 5 | 65, rank 4 |
| For exchanges and brokers (out of 100) | 68, rank 4 | 58, rank 6 |
| For corporate treasuries (out of 100) | 66, rank 5 | 67, rank 4 |
| Type | Dollar stablecoin issuer | Dollar stablecoin issuer |
Each score with the evidence behind it.
| Criterion | Agora (AUSD) | Gemini (GUSD) |
|---|---|---|
| Reserves | 3/5 Monthly management reports on reserve holdings; custodians not named. | 4/5 Monthly reserve attestations with reserve banks named. |
| Independent assurance | 4/5 Monthly attestations by Grant Thornton LLP. | 4/5 Monthly attestations by BPM LLP plus a random-day examination each month. |
| Regulatory standing | 3/5 Bermuda Class F licence; US charter at preliminary conditional approval only. | 3/5 NYDFS regulation stated; one regulator, no licence number. |
| Redemption | 3/5 Direct minting and redemption by API; no timing or minimum. | 3/5 Redemption on Gemini at any time stated; no timing or minimum. |
| Published fees | 3/5 No minting or redemption fees stated on the homepage rather than a fee page. | 4/5 Zero conversion fees for GUSD and US dollars published on the fee schedule. |
| Currencies and networks | 4/5 Ten networks and one currency. | 1/5 One network and one currency. |
Each criterion is scored 0 to 5 against the best published offer in the Stablecoin Issuers Index. 0 means not offered or not published. How it is scored
What each provider publishes on its own pages, read on 26 October 2026.
| Fact | Agora (AUSD) | Gemini (GUSD) |
|---|---|---|
| Reserves | Agora publishes "monthly management reports on AUSD reserves" on dollar and reserve asset holdings, from July 2024. Custodians not named on the pages read. | Reserves held as deposits in FDIC-insured banks and money market funds "invested only in U.S. Treasury obligations"; cash portion "may be held at State Street Bank and Trust Company, Goldman Sachs, or Fidelity" and may be eligible for FDIC pass-through insurance. |
| Independent assurance | "Monthly reports of Agora's reserves provided by third-party accounting firm, Grant Thornton LLP and prepared according to attestation standards established by the American Institute of Certified Public Accountants"; reports listed January to August 2026. | "Attestations of GUSD's reserves are published monthly by an independent registered accounting firm, BPM LLP. In addition to these monthly attestations, BPM LLP conducts attestation examinations on one randomly-selected business day each month." |
| Regulatory standing | "AUSD is issued by Agora Bermuda Limited which is regulated and licensed by the Bermuda Monetary Authority", holding "a Class F license to issue, sell or redeem virtual coins". Homepage: "Agora received preliminary conditional approval from the OCC." | "GUSD has been fully regulated by the New York State Department of Financial Services (NYDFS) since 2018." No licence number on the page. |
| Redemption | "Programmatically mint, redeem, and transfer stablecoins" through Agora's API. No redemption time or minimum published. | "Gemini customers can always redeem 1 GUSD for $1 on Gemini at any time." Redemption time and minimum not published. |
| Published fees | Homepage: "Move between AUSD and currencies with no minting or redemption fees." No fee page. | API fee schedule: GUSD/USD and USDC/GUSD pairs at 0.00% maker and taker fees in the lowest tier. GUSD page: convert USD to GUSD "fee-free" in the app. |
| Currencies and networks | Mainnet deployments: Arbitrum, Avalanche C-chain, Base, Ethereum, Immutable, Katana, Mantle, Monad, Polygon PoS and Solana. One currency: US dollar. | "GUSD is an Ethereum-based ERC-20 token." One currency: US dollar. |
| Date read | 26 October 2026 | 26 October 2026 |
Not published or not stated by Agora (AUSD): reserves, redemption and published fees.
Not published or not stated by Gemini (GUSD): redemption.
Facts read on 26 October 2026 from: agora.finance, docs.agora.finance/developer/transparency, docs.agora.finance/developer/…; and gemini.com/dollar, gemini.com/fees/api-fee-schedule.
Awards follow from the published scores and cannot be bought.
No award in this index.
No award in this index.
From each provider's strongest criteria and published terms.
Fintechs and platforms wanting fee-free minting and a share of reserve income.
Firms already on Gemini wanting fee-free conversion and named reserve banks.
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