Solana-based decentralized exchange Jupiter rolls his own stableecoin, Jupusd, by the end of the year.
The coin will be resident in Solana and closely integrated across Jupiter’s ecosystem, including its eternal platform, lending markets and trading areas, DEX shared on X on Wednesday.
Jupusd is being developed in partnership with Ethana Labs, which is known to adorn over $ 16 billion in stablecoins through their project.
StableCOin will be full security case by Ethana Labs’ USDTB, a stableecoin supported by Treasury Funds, including Blackrock’s USD Institutional Digital Liquidity Fund (BUIDL).
The team plans to add USDE as a secondary backing asset for the purpose of increasing the yield.
Smart contracts that allow the mint and redemption of Jupusd are being built, Jupiter said, with several audits expected prior to launch.
Jupiter, a Solana-based decentralized exchange unit, which has since expanded his offerings, currently has $ 3.58 billion in the total value locked under Defillama, making it the leading protocol on Solana.
