JUST IN:Ethena & Jupiter are launching jupUSD, the new Solana native stablecoin.JUPUSD will be issued natively on Solana, enabling seamless integration across DeFi protocols with lower friction and costs.According to The Block, Jupiter plans to “progressively convert” about $750 million of USDC from its Liquidity Provider Pool into JupUSD.Specific design details haven’t been fully disclosed, JUPUSD is expected to follow Ethena’s model of yield-generating, collateral-backed stablecoins.Ethena will now spearh ...

Can stablecoins draw $1T+ from emerging market banks by 2027???Stablecoin adoption in developing economies expected to surge from ~$170B to $1.2T by 2028.Why?People want out of their failing home country fiat currency into the strong USD. While new crypto regulations have tightened the rules for compliant stablecoin issuers from passing on yields from US treasuries, there is still a massive demand for storing wealth.When I was in Argentina in April 2023, the USD/peso ratio was 1/300.Fast forward to today, i ...

Core Insights - Phantom has launched Phantom Cash, a superapp for cryptocurrency payments on Solana, utilizing the newly introduced US dollar-pegged stablecoin CASH, intensifying competition in the payment superapp and stablecoin sectors [1][2] - The concept of a "stablecoin supercycle" is gaining traction, indicating a significant product-market fit for stablecoins, attracting a wide range of investors, builders, and users globally [2] - The total market capitalization of stablecoins is nearing record highs, currently around $297.79 billion across all blockchains, highlighting the growing importance of stablecoins in the crypto ecosystem [4] Company Developments - Phantom's decision to create its own stablecoin, issued by Bridge, stems from the belief that existing stablecoins are not designed for everyday use, aiming to enhance user experience in crypto transactions [2] - The upcoming integration with Stripe's global merchant network is part of Phantom's strategy to make cryptocurrency transactions safer and more effortless for users [2] Industry Trends - The competitive landscape is evolving into niche "wars," particularly between Solana and Ethereum, as both chains leverage their network effects and liquidity to capture market share in the stablecoin space [3] - Other major players in the industry, such as Tether-backed Plasma, Cloudflare, Visa, Google, Coinbase, Kraken, and Circle, are also launching stablecoin solutions to meet the increasing demand for crypto payments [5]