Solana-based decentralized exchange Jupiter will roll out its own stablecoin, JupUSD, by the end of the year.
The coin will be native to Solana and tightly integrated with the Jupiter ecosystem, including its perpetual platform, lending markets and trading interfaces, the DEX on X shared on Wednesday.
JupUSD is developed in partnership with Ethana Labs, known for generating over $16 billion in stablecoins through their project.
The stablecoin will be fully collateralized by Ethana Labs’ USDtb, a stablecoin backed by treasury funds including BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL).
The team plans to add USDe as a secondary supporting asset, with the aim of increasing yield potential.
Smart contracts enabling the minting and redemption of JupUSD are under construction, Jupiter said, and several audits are expected before launch.
Jupiter, a Solana-based decentralized exchange aggregator that has since expanded its offerings, currently has a total value locked of $3.58 billion according to DeFiLlama, making it the leading protocol on Solana.
