Ethena and Jupiter alienated to launch Jupusd, new stablecoin that will operate on Solana

ETHENA LABSentity responsible for the development of the currency USDE, announced a new alliance with Jupiter, The main aggregator of exchanges of Solarium, To launch Jupusd, A native stablecoin of that network Blockchain.

The agreement, reviewed by The Blockplans to launch the new Token during the fourth quarter of this year. As part of the collaboration, Jupiter plans to progressively convert around USD $ 750 million USDC from his Liquidity Provider Pool toward Jupusd, consolidating a new liquidity route within the ecosystem of Solarium.

A strategic expansion for Ethena in Solarium

The measure reinforces the strategy of ETHENA LABS, who has consolidated his reputation for his token USDE, A decentralized asset backed by positions Delta-Hedgeadas in cryptocurrencies like Eth and short derivatives. With a market value of USD $ 14.8 billion, USDE It has become the largest decentralized stablinin in the sector, surpassing tokens USDS and Dai of Sky (before Makerdao).

The founder of Ethena, Guy Youungstressed that “Jupusd marks the latest incorporation into our white brand products line, which already supports associations with sector leaders such as Sui and Megaeth.”

The launch also reinforces the presence of Ethena in Solarium, a network that until now maintained a supply of stablcoins well below that of Ethereum, with a relationship of just 9.27%according to data from The Block.

What is Jupusd And how will it work?

According to representatives of JUPITER, JUPUSD will be fully integrated into its ecosystem and will have five main uses Within the platform.

First, it can be used as collateral in its exchango of decentralized perpetuals. In addition, it will be the main stable for your trading interfaces and your mobile application JUP Mobile. It will also act as Liquidity Center in JUPITER LEND, It will serve as pairing token in the Dex Meteora, and will participate in future products Within the ecosystem Jupiter.

In the words of Ziong Ongco -founder of Jupiter, “The stablecoins have shown to have a perfect lace in the on-chain market, and we believe that this sector will multiply between 10 and 100 times from here. Jupusd is a decisive step for Jupiter to generate more value and remain in the center of the defi ecosystem.”

Flexible solid and future support

During its launch, Jupusd It will be 100% backed by USDTB, a stablecoin linked to the dollar issued in 2024 that invests mainly in the USD Digital Institutional Liquidity Fund (Buidl) of Blackrock, Tokenized in Blockchain.

Over time, there is the possibility of migrate support for USDE, which would allow greater decentralization and more direct exposure to the native digital assets of the ecosystem Ethena

In July, Ethena had sealed an alliance with the Crypto Bank Anchorage Digitalfederally authorized in the United States, to issue the USDTB under the regulatory standards of the Genius Actbecoming the first stablecoin launched under that frame.

Ecosystem and Institutional Expansion

The growth of Ethena Not only does it come from its technical innovation, but also from institutional interest. In September, M2 CapitalInvestor arm of the digital conglomerate M2 Holdings of the United Arab Emirates, joined as a new investor through a Strategic investment of USD $ 20 million In the governance token ENA.

Among the other investors of Ethena Weight signatures are found as Binance Labs, Bybit, Dragonfly, Fidelity and Franklin Templetonwhich reinforces market confidence in its ability to lead the development of global decentralized stablcoins.

With the arrival of Jupusd, so much Ethena as Jupiter They aim to consolidate Solarium as a new epicenter for innovation in stable currencies and applications DEFI. If the strategy is successful, it could mean a substantial change in the distribution of financial power on-chain, currently dominated by Ethereum and centralized stablcoins USDT and USDC, with capitalizations of USD $ 177,000 million and USD $ 74,000 millionrespectively.

Written article with the help of an AI content editor, edited by Angel Di Matteo / Diariobitcoin

Original image of Diariobitcoin, created with artificial intelligence, for free use, licensed under public domain.

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