JupUSD, the 1st ever native stablecoin for the @JupiterExchange ecosystem built on @ethena_labs SaaS stack, marks a significant step for @solana.
📌So why JupUSD matter?
🔹Native status & utility
It establishes a foundation for Solana to have its own stable money supply for DeFi activities.
🔹Reinforcing liquidity
Jupiter is gradually switching approximately $750M in USDC to JupUSD. This strengthens immediate liquidity while reducing reliance on centralized stablecoins.
🔹Market competition
JupUSD is viewed as a "lever" that could help Solana attract substantial liquidity and DeFi users, increasing its competitiveness against other ecosystems.
🔹Compliance and backing
JupUSD will initially be 100% backed by USDtb. USDtb is a compliant stablecoin issued under the GENIUS Act standard and backed by @BlackRock's tokenized BUIDL fund, providing a transparent and compliant reserve foundation.
In short, Ethena's SaaS stack allows every protocol to release its own whitelabel stablecoin, with a high level of customization between USDe and USDtb backing. And JupUSD is just a start, besides USDm, suiUSDe, & USDi.
Bullish!!
Introducing JupUSD: the native stablecoin of the @JupiterExchange ecosystem built on Ethena's Stablecoin-as-a-Service stack.
JupUSD will plug into every major part of the Jupiter stack, including:
- Jupiter Perps: where the ~$750m in stablecoins inside of JLP will gradually be replaced by JupUSD
- Jupiter Lend as the cornerstone lending asset
Excited to be partnering with one of the best teams on Solana.
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