Investment Announcement - Jupiter, a Solana-based decentralized exchange aggregator, announced a $35 million investment in its JUP token from ParaFi Capital, to be settled entirely in JupUSD, Jupiter's stablecoin [1] - The deal closed at the current market price with ParaFi committing to an extended token lockup, although the specific duration was not disclosed [1] JupUSD Details - JupUSD, launched in January 2026, will be used to settle the $35 million transaction and currently has a market cap of approximately $38.7 million [2] - The investment nearly doubles JupUSD's circulating supply and is primarily backed by USDtb, a stablecoin with approximately $859 million in circulation [2] ParaFi Capital Overview - ParaFi Capital manages approximately $1.4 billion in assets and was founded in 2018, with a portfolio that includes multiple investments in the Solana ecosystem [3] - The firm previously invested CAD $27.5 million in Sol Strategies, a company focused on Solana network infrastructure [3][4] Jupiter's Market Position - Jupiter processes over 90% of aggregator volume on Solana and announced in June 2025 that its cumulative trading volume had surpassed $1 trillion [5] - JUP trades at approximately $0.19 with a market cap of $596.6 million, down roughly 91% from its all-time high of $2.00 reached in January 2024 [5]

Group 1: Partnership and Product Features - Ethena Labs has expanded its partnership with Anchorage to introduce in-platform rewards for USDtb and USDe holders, allowing institutions to earn on both products without staking or lockup requirements [1] - This feature is expected to encourage wider use of Ethena's stablecoins among firms seeking regulated digital asset tools [1] Group 2: Market Performance of Stablecoins - Ethena's USDe has faced significant challenges, with its market cap dropping sharply from over $14 billion to a low of $0.65 during a liquidity event in October [2][3] - The decline in USDe's market cap has been attributed to its synthetic model's weaknesses, leading many holders to shift to tokenized assets and simpler stablecoin structures [3] - Despite the expansion announcement, USDtb experienced a 22% drop in market cap, currently standing at approximately $1.04 billion [4] Group 3: Industry Trends and Demand - There has been a rising demand for stablecoins in the US, driven by supportive legislation such as the GENIUS Act, which has encouraged both institutions and retail users to enter the market [5] - The total market cap of all stablecoins reached $316 billion, with Tether's USDT being the largest at $185 billion and Circle's USDC at $78 billion [5][6] - Following the October market shock, Tether and Circle have minted about $20 billion in stablecoins, indicating a recovery in the market [6]

Core Insights - Anchorage Digital is launching a rewards program for USDtb and USDe token holders, allowing institutions to earn rewards on idle holdings without violating U.S. stablecoin laws [1][2] - The rewards are managed through Anchorage Digital Neo Ltd., a separate entity, enabling compliance with the GENIUS Act, which prohibits interest payouts on stablecoins [2][3] - The initiative aims to enhance capital efficiency and flexibility in treasury management for institutions [2] Regulatory Context - The GENIUS Act, enacted to regulate the stablecoin sector, bans yield-bearing stablecoins to prevent unregulated banking activities [3] - Anchorage's structure serves as a model for U.S. issuers to provide reward-like benefits while adhering to regulations [3] Token Structure - Ethena's USDtb stablecoin is backed by short-term Treasuries, including BlackRock's tokenized money market fund, while the USDe token is designed as a "synthetic dollar" backed by crypto assets and short futures [4] - The dual structure of the tokens aims to maintain price stability at $1 [4] Industry Perspective - Ethena Labs founder emphasizes that the combination of rewards and regulatory compliance will shape the future of digital asset participation [5]

RT Jonaso (@Jonasoeth)Ethena has officially reached $600M in total revenueQ3 2025 was its strongest growth period so far, adding more than $150M in just one quarterToday, @ethena_labs is showing a much more complete strategyIts assets are no longer only used to generate yield for stablecoins → They are becoming trusted collateral across DeFi and liquidity for major perpDEXs like @reya_xyz, Based, and the newest one, Nunchi, a perpetuals platform on yield markets built on Hyperliquid HIP-3.It’s clear that Hy ...

Core Insights - Terminal Finance, a decentralized exchange (DEX) by Ethena Labs, has achieved over $280 million in total value locked (TVL) before its launch [1] - The platform aims to be the primary DEX for the Ethena ecosystem, focusing on USDe and sUSDe, and will support trading against USDtb [2] - Terminal will facilitate spot trading pairs with major cryptocurrencies and implement a "yield Skimming" mechanism to enhance liquidity [3] Company Overview - Terminal Finance has completed a pre-deposit phase with three capped vaults, reaching full capacity with 225 million USDe, 10,000 ETH, and 100 BTC [1] - Over 10,000 wallets participated in the pre-deposit stage, with early participants eligible for token rewards linked to the upcoming token generation event (TGE) [4] - Ethena's assets are becoming significant in DeFi liquidity, with Terminal's integration of sUSDe enhancing this foundation [5] Industry Context - Decentralized exchanges are gaining traction in the current bull market, with platforms like HyperLiquid competing against centralized exchanges such as Binance and Coinbase [2] - The focus on yield-bearing assets and liquidity efficiency is expected to improve market depth within the DEX space [3]

Stablecoin Ecosystem Expansion - Caldera enables ecosystem chains to build on Ethena's stablecoin infrastructure [1] - This integration simplifies the process of building on stablecoin offerings [1] Ethena's Liquidity - Ethena possesses over 14 billion USD in liquidity [1] - Caldera provides multi-billion-dollar stablecoin liquidity [2] Caldera's Offerings - Caldera offers white-glove support for partnered rollups [2] - Caldera provides true backing of assets between USDtb and USDe [2] Market Significance - Stablecoins are a key focus for the current crypto cycle [1]

Core Insights - Ethena is expanding its team by nearly 50%, marking its first major hiring push since launch, indicating new products are in development [1][2] - The upcoming initiatives are expected to create new business lines comparable in size to its existing stablecoin, USDe [2][4] Company Developments - Ethena will add approximately 10 new hires across engineering, product, and business development, expanding from a team of 20-25 contributors [2][3] - Job openings include roles such as Head of Security, Senior Backend Engineer, and various positions in DeFi and Trading [3] Product and Market Position - Ethena's new products will enhance its stablecoin ecosystem, which includes USDe and USDtb, aimed at maintaining on-chain price stability without direct fiat backing [4] - The new initiatives are expected to launch within three months and could rival the size of USDe [4] Financial Metrics - Ethena's total value locked (TVL) has reached nearly $11.8 billion, reflecting an increase of over 18% month-over-month, driven by integrations across Ethereum Layer-2s and Solana-based liquidity venues [5] Strategic Partnerships - Ethena's reputation has strengthened with backing from notable investors such as Binance Labs, Dragonfly, Fidelity, and Franklin Templeton, indicating strong market confidence [6] - The partnership with M2 Capital, a UAE-based investment arm, has further expanded Ethena's global reach [6] Market Trends - Ethena's "synthetic dollar" model is gaining traction amid increasing regulatory scrutiny of traditional stablecoins like USDT and USDC [8] - Trading volumes for USDe have surged over 25% in the past month, with daily volumes averaging $220 million [8]

RT Justin Pesola (@JustinPesola3_0)* Ethena's USDtb: Backed by BlackRock's BUIDL treasury fund.* Sky's USDS: Backed by BlackRock's BUIDL treasury fund.* FRAX: Backed by BlackRock's BUIDL treasury fund.Reminder: Securitize is the placement agent, transfer agent & tokenization platform for BlackRock's BUIDL. ...

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]

RT Ethena Labs (@ethena_labs)Here's what happened @Ethena_labs in September:• USDe & USDtb TVL crossed $16B, with USDe supply hitting $14.5B• Partnered with @Binance to integrate USDe across entire platform of 280M+ users, $190B+ assets, scaled to $3B USDe in a week• Ethena launched on @PlasmaFDN as a core dollar asset within their DeFi ecosystem, growing to >$1B in supply in a few days• USDe listed on @krakenfx, the first US exchange listing• USDe listed on @CoinoneOfficial the 3rd largest exchange in Kore ...