Ethena and Jupiter to launch JupUSD stablecoin in Q4

Ethena and Jupiter have partnered to launch JupUSD, a Solana-based stablecoin, in the fourth quarter, The Block reported. Jupiter plans to gradually convert approximately $750 million in USDC from its liquidity provider pool into JupUSD. The new stablecoin will be fully backed by USDtb. Ethena launched its USDtb stablecoin in December 2024, which allocates 90% of its reserves to BlackRock's BUIDL fund.