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>>Binance adds two unexpected cryptocurrency projects, sparking a significant price increase and a new partnership announcement.

Binance adds two unexpected cryptocurrency projects, sparking a significant price increase and a new partnership announcement.

crypthub

5 days ago

Partnership Announcement

Ethena (ENA) and Jupiter (JUP) have announced a collaboration to create JupUSD, a Solana-based stablecoin. This new stablecoin will be integrated into the Jupiter ecosystem and is part of Ethena’s Whitelabel product line. The partnership aims to leverage Ethena’s Stablecoin-as-a-Service technology.

JupUSD Details

JupUSD is currently under development and scheduled to launch in the fourth quarter. Initially, it will be supported by USDtb, largely backed by Blackrock's BUIDL fund, with potential future inclusion of USDe. Jupiter plans to gradually convert approximately $750 million of USDC into JupUSD.

Ecosystem Integration

JupUSD will be directly integrated into major parts of the Jupiter stack, including Jupiter Perps. The stablecoin will plug into various aspects of the Jupiter ecosystem, providing increased functionality. This integration expands the capabilities within the Jupiter platform.

Market Impact

Following the announcement, prices for both ENA and JUP experienced an increase. The collaboration signifies continued growth and partnerships within the cryptocurrency market. The launch of JupUSD is expected to enhance the Jupiter platform.