Jupiter DEX Launches JupUSD Stablecoin on Solana

Jupiter to Introduce JupUSD Stablecoin

Jupiter, the prominent decentralized exchange aggregator on Solana, is set to launch its native stablecoin, JupUSD, in collaboration with Ethena. This move marks a significant step in expanding Jupiter's DeFi ecosystem and enhancing accessibility for users.

Initial Collateralization

JupUSD will initially be fully collateralized by Ethena's USDtb, which itself is backed by BlackRock’s BUIDL, a tokenized fund holding short-term U.S. Treasuries. This provides a robust foundation for the stablecoin's peg to the U.S. dollar.

Future Plans

In the future, Ethena's flagship stablecoin, USDe, will be added as collateral, further strengthening JupUSD's stability and market presence. USDe is currently the third-largest stablecoin, trailing only USDT and USDC.

Jupiter's DeFi Vision

Jupiter aims to integrate JupUSD into its comprehensive DeFi suite, including:

• Collateral for perpetual futures trading
• Liquidity in its lending protocol
• Trading on its swap products (desktop and mobile)

Solana's DeFi Powerhouse

Jupiter is the leading DEX aggregator on Solana, with nearly $20 billion in trading volume in the past 30 days. The addition of JupUSD is expected to further solidify its position and drive increased adoption of DeFi on Solana.

Ethena Partnership

Ethena views the partnership with Jupiter as a natural fit, recognizing Jupiter's dominance within the Solana ecosystem. Both companies are focused on pushing the boundaries of DeFi innovation.

Stablecoin Market Growth

The overall stablecoin market capitalization has seen substantial growth, reaching over $303 billion, a 75% increase from the previous year.

Key Takeaways

• Jupiter is launching JupUSD, a new stablecoin on Solana.
• It will be initially backed by Ethena's USDtb.
• The goal is to integrate JupUSD throughout Jupiter's DeFi platform.

Contracts for JupUSD are currently under development and undergoing audits in preparation for launch.