In brief
- Solana DEX aggregator Jupiter has tapped Ethean to launch its own stablecoin.
- JupUSD is expected to launch in Q4 and will initially be collateralized by USDtb, Ethena’s short-term treasury-backed stablecoin.
- The total stablecoin market cap has grown by more than 75% in the last year and now sits above $300 billion.
Jupiter, a popular decentralized exchange aggregator and DeFi platform on the Solana network, is launching its own stablecoin—JupUSD—together with stablecoin issuer Ethena.
Expected to launch sometime in Q4, JupUSD will initially be fully collateralized by Ethena’s USDtb, a product which is itself blacked by BlackRock’s BUIDL, a tokenized fund that represents investments in short-term U.S. treasuries. Later, Ethena’s flagship stablecoin USDe—the third largest stablecoin on the market next to Tether’s USDT and Circle’s USDC—will be added as collateral.
“Jupiter aims to serve every person on…
