Jupiter DEX to Launch JupUSD Stablecoin on Solana

Jupiter to Introduce Native Stablecoin, JupUSD

Jupiter, the prominent decentralized exchange (DEX) aggregator on Solana, is set to launch its own stablecoin, JupUSD, in collaboration with Ethena, a stablecoin issuer. The anticipated launch is scheduled for Q4.

Initially, JupUSD will be fully collateralized by Ethena’s USDtb, which is backed by BlackRock’s BUIDL, a tokenized fund holding short-term U.S. Treasuries. The plan is to later incorporate Ethena’s primary stablecoin, USDe, as additional collateral.

Key Takeaways:

• JupUSD Launch: Jupiter is launching a stablecoin to enhance its DeFi offerings.
• Partnership: The stablecoin is being developed in partnership with Ethena.
• Collateralization: Initially backed by USDtb, with plans to include USDe.
• DeFi Integration: JupUSD will be integrated across Jupiter's platform, including perpetual futures, lending, and swaps.

Jupiter's COO, Kash Dhanda, emphasized the importance of stablecoins in their mission to serve every person using DeFi. The platform aims to integrate JupUSD across its growing DeFi suite.

Ethena's founder, Guy Young, noted that Jupiter was a natural choice for their first Solana stablecoin partnership.

With a strong regulatory landscape forming, recent legislation like the GENIUS Act has paved the way for potential market entrants to the stablecoin landscape.

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