Jupiter by Solana Partners with Ethena Labs to Introduce JupUSD Stablecoin

Solana's Jupiter, a decentralized exchange, is set to launch its native stablecoin, JupUSD, before the year's end. The stablecoin will be deeply integrated into Jupiter's ecosystem, including its platform for perpetuals, lending markets, and trading interfaces. This development is a result of a partnership between Jupiter and Ethena Labs, a company renowned for producing over $16 billion in stablecoins. JupUSD will initially be fully backed by Ethena Labs' USDtb stablecoin, which is supported by treasury funds including BlackRock's USD Institutional Digital Liquidity Fund. Plans are in place to introduce USDe as a secondary backing asset to enhance yield potential. To facilitate the minting and redemption of JupUSD, smart contracts are being developed, with multiple audits scheduled prior to the launch. As a leading Solana-based decentralized exchange aggregator with a current total value locked of $3.58 billion according to DeFiLlama, Jupiter continues to expand its offerings.