Solana DeFi Exchange Jupiter to Launch Native Stablecoin

Core Insights - Jupiter, a leading decentralized exchange aggregator on the Solana network, is set to launch its own stablecoin, JupUSD, in partnership with stablecoin issuer Ethena [1][2] - JupUSD will initially be fully collateralized by Ethena's USDtb, which is backed by BlackRock's tokenized fund representing investments in short-term U.S. treasuries [2] - Ethena's flagship stablecoin, USDe, will later be added as collateral for JupUSD [2] Company Overview - Jupiter aims to integrate JupUSD across its DeFi stack, utilizing it for perpetual futures trading, lending protocols, and trading via swap products on both desktop and mobile platforms [4] - The company has achieved significant trading volume, with nearly $20 billion in the last 30 days and $1.2 million in revenue in the last 24 hours, according to DefiLlama [4] Market Context - The total stablecoin market cap has increased to over $303 billion, marking a 75% rise from $173 billion a year ago, with Ethena's stablecoin products accounting for just over 5% of this market [5] - The passing of the GENIUS Act earlier this year has provided a regulatory framework for stablecoin trading and issuance, potentially leading to the emergence of thousands of new stablecoin products [6]