news.bitcoin.com
Ethena Labs, the team behind the synthetic dollar USDe, has partnered with Jupiter Exchange, a decentralized exchange (DEX) aggregator on Solana, to introduce JupUSD, a new native stablecoin designed for the Jupiter ecosystem.
According to Ethena’s X post on Wednesday, the partnership aims to expand liquidity, boost yields, and strengthen decentralized finance (DeFi) integrations within Jupiter’s suite of products on Solana. The collaboration is positioned as a strategic move to reduce dependency on external stablecoins.
“JupUSD will plug into every major part of the Jupiter stack,” Ethena wrote.
At launch, the team said that JupUSD will be fully collateralized by USDtb, a tokenized U.S. Treasury product from Blackrock. Ethena may gradually introduce USDe exposure to improve yield performance while maintaining dollar stability. “JupUSD backing may transition to include USDe in the future,” the X thread noted.
“JupUSD is the latest stablecoin to come out of the Ethena Whitelabel Stablecoin-as-a-Service product line. Jupiter joins other Tier-1 protocols and chains part of this program with Ethena,” the X account concluded.