With the launch of a Flowdesk-curated AUSD vault on Morpho — built in partnership with Agora and xStocks — Flowdesk is introducing itself as a curator focused on deploying institutional-grade liquidity strategies on-chain, starting with tokenized equities as collateral.
The Partnership: Agora × xStocks × Flowdesk
This vault is the product of a three-way collaboration:
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Flowdesk acts as vault curator, responsible for risk parameters, market selection, allocation strategy, and ongoing monitoring
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Agora is the issuer of AUSD, a fully collateralized, institutionally-backed stablecoin with reserves managed by a top-tier asset manager and audited regularly — already integrated with Morpho and widely adopted across DeFi
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xStocks are the line of tokenized equities by Kraken — tokenized representations of publicly listed US equities, each backed 1:1 by real shares held with a regulated custodian. With over $10 billion in on-chain and exchange volumes, xStocks have demonstrated strong institutional demand
Together, this partnership brings compliant RWA collateral into a trusted DeFi lending primitive, enabling a new class of on-chain structured strategies.
Flowdesk AUSD RWA Strategy
The vault accepts AUSD deposits and allocates them to Morpho markets using xStocks tokens (e.g., TSLAx, AAPLx, NVDAx) as collateral. Depositors earn yield generated by borrowing demand from users seeking liquidity against their tokenized equity holdings.
Initially the first market it will allocate to will be SPYx/AUSD. SPYx is selected as the first eligible collateral due to the nature of the SPY index and its historical volatility.
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Loan-to-Value (LLTV): 86% for SPYx/AUSD
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Oracle: Leveraging the Pyth price feed for SPYx
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Curator fees: 0%/0% at launch, with the possibility for Performance Fee to increase with the launch of additional markets.
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Incentives: Initial amount still TBD, provided by Kraken and Agora.
Other markets for blue chip collateral can be added to support the vault in case of episodes of low borrowing demand for xStocks.
Flowdesk’s risk team will actively monitor market conditions, collateral liquidity, oracle integrity, and utilization — adjusting caps, parameters, and adding more eligible xStocks as the ecosystem matures and liquidity deepens.
Why Flowdesk as Curator?
Flowdesk’s edge as a curator stems directly from its core business:
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Market microstructure expertise: Years of market-making across hundreds of pairs gives us precise intuition for liquidity, spread dynamics, and asset-specific risk
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Institutional risk discipline: Conflict-free capital management, strict internal policies, and conservative risk frameworks are embedded in how we operate
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Regulated infrastructure: As a regulated entity operating across multiple jurisdictions, Flowdesk brings compliance-first thinking to parameter-setting and collateral assessment.
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Liquidity Provider: Our trading desk provides 24/7 liquidity for both AUSD and xStocks across CEXs and DEXs, with direct issuer relationships for minting/redeeming. This unique position allows us to act as preferred Liquidator for the market.
Get Involved
If you are an AUSD holder seeking risk-managed yield exposure, or an xStocks holder looking to unlock on-chain liquidity against your holdings, this Flowdesk-curated vault on Morpho offers a transparent, institutionally-managed entry point.
We welcome feedback from the Morpho community on risk parameters, collateral selection, and vault structure as we prepare for launch.
*For questions or partnership inquiries, reach out to the Flowdesk team on this thread or at sales@flowdesk.co
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Disclaimer
All reference to “Flowdesk” is used for convenience to refer to Flowdesk entities as a group. The transaction contemplated herein will not be entered into with Flowdesk directly, but rather with one of its affiliated entities.