JupUSD Gambit: A Gogolian Take on Solana’s Stablecoins

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Ethena Labs, the troupe of magicians who conjure the synthetic dollar USDe, has yoked itself to Jupiter Exchange, the grand aggregator of Solana, to unveil JupUSD, a native stablecoin destined to grace the Jupiter ecosystem with bureaucratic charm and a dash of doom in the air.

According to Ethena’s X post on a Wednesday that smelled of ink and coffee, the partnership aims to flood liquidity, fatten yields, and stiffen the joints of decentralized finance (DeFi) within Jupiter’s suite of products on Solana. The whole affair is marketed as a strategic move to reduce reliance on foreign stablecoins and to prove that homegrown paper money can stand in a row with the embassy money.

“JupUSD will plug into every major part of the Jupiter stack,” Ethena boasted, as if the coin had arms and a mouthy grin that could greet customers at every counter of the bazaar.

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, as if delivering a verdict from a dusty court, while the crowd nodded with the gravitas of men who have learned to applaud the sound of money counting itself. 😂🤔🏦

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2025-10-08 23:48