Jupiter 的 JupUSD：Solana 上的新穩定幣挑戰者？

Jupiter Exchange 正在與 Ethena Labs 合作推出原生穩定幣 JupUSD，旨在重塑 Solana 的 DeFi 版圖。會成功嗎？

Jupiter's JupUSD: A New Stablecoin Challenger on Solana?

Jupiter 的 JupUSD：Solana 上的新穩定幣挑戰者？

Hold onto your hats, DeFi enthusiasts! Jupiter, the big cheese of Solana-based decentralized exchanges, is diving headfirst into the stablecoin game with JupUSD. Partnering with Ethena Labs, they're aiming to shake up the Solana DeFi scene. The goal is ambitious: to become a cornerstone for liquidity and lending, potentially replacing up to $750 million in existing stablecoins. Talk about making a splash!

各位 DeFi 愛好者，請戴好帽子！ Jupiter 是基於 Solana 的去中心化交易所的大奶酪，它正在與 JupUSD 一起一頭扎進穩定幣遊戲。他們與 Ethena Labs 合作，旨在撼動 Solana DeFi 場景。該目標雄心勃勃：成為流動性和借貸的基石，有可能取代高達 7.5 億美元的現有穩定幣。談論引起轟動！

What's the Buzz About JupUSD?

關於 JupUSD 的最新動態是什麼？

JupUSD isn't just another stablecoin. It's custom-built for the Solana ecosystem, designed to be the bedrock of Jupiter's expanding DeFi infrastructure. Unlike other stablecoins floating around, JupUSD is laser-focused on being fully backed by USDtb, which is all about tokenized short-term U.S. Treasury assets. Think transparency and low-risk vibes. And down the line, they're planning to mix in Ethena's yield-optimized synthetic dollar, USDe, for even more stability and sweet returns.

JupUSD 不僅僅是另一種穩定幣。它是為 Solana 生態系統定制的，旨在成為 Jupiter 不斷擴展的 DeFi 基礎設施的基石。與其他流通的穩定幣不同，JupUSD 專注於獲得 USDtb 的全面支持，而 USDtb 是代幣化的短期美國國債資產。考慮透明度和低風險氛圍。接下來，他們計劃混入 Ethena 的收益優化合成美元 USDe，以獲得更高的穩定性和豐厚的回報。

Ethena's Stablecoin-as-a-Service: The Secret Sauce

Ethena 的穩定幣即服務：秘密武器

Here's where it gets interesting. JupUSD is being built on Ethena Labs' Stablecoin-as-a-Service (SaaS) platform. This means Jupiter gets a ready-made, audited smart contract infrastructure to launch their branded stablecoin. It's like a DeFi starter kit, cutting down on development time and those pesky risks that usually come with issuing stablecoins. Ethena's already powering other stablecoins, so they know their stuff.

這就是有趣的地方。 JupUSD 正在 Ethena Labs 的穩定幣即服務 (SaaS) 平台上構建。這意味著 Jupiter 獲得了現成的、經過審計的智能合約基礎設施來推出其品牌穩定幣。它就像一個 DeFi 入門套件，可以減少開發時間和發行穩定幣通常帶來的那些討厭的風險。 Ethena 已經為其他穩定幣提供了支持，所以他們知道自己的東西。

Taking on the Big Boys: A Bold Move

挑戰大佬：大膽之舉

Jupiter isn't shy about its ambitions. They're aiming to gradually phase out a hefty chunk of existing stablecoins – we're talking USDC and USDT – from their liquidity pools. This is a power play to make JupUSD the go-to collateral asset in the Jupiter ecosystem. Why? Because it gives Jupiter more control over liquidity and lets them internalize value, reducing reliance on external assets. It's part of a bigger trend of DeFi platforms launching their own native stablecoins to call the shots.

木星並不羞於表達自己的野心。他們的目標是從流動性池中逐步淘汰大量現有穩定幣（我們指的是 USDC 和 USDT）。這是一場讓 JupUSD 成為 Jupiter 生態系統中首選抵押資產的權力遊戲。為什麼？因為它讓木星對流動性有更多的控制權，讓它們內部化價值，減少對外部資產的依賴。這是 DeFi 平台推出自己的原生穩定幣來發號施令的更大趨勢的一部分。

The Bigger Picture: White-Label Stablecoins on the Rise

更大的圖景：白標穩定幣的崛起

Jupiter's not alone in this game. The stablecoin market is booming, and white-label solutions are gaining serious traction. Other players are jumping in, turning stablecoins from generic trading tools into branded financial infrastructure. JupUSD fits right into this narrative, giving Jupiter the tools it needs to future-proof its DeFi offerings.

木星在這場遊戲中並不孤單。穩定幣市場正在蓬勃發展，白標解決方案正在獲得巨大的關注。其他參與者也紛紛加入，將穩定幣從通用交易工具轉變為品牌金融基礎設施。 JupUSD 正好符合這種說法，為 Jupiter 提供了其 DeFi 產品面向未來所需的工具。

My Two Satoshis

我的兩個中本聰

Okay, so here's my take. JupUSD is a smart move for Jupiter. It gives them more control, aligns incentives, and strengthens the Solana DeFi ecosystem. But it's not without its challenges. Getting users to switch from established stablecoins like USDC and USDT won't be a walk in the park. Plus, the success of JupUSD hinges on the stability and adoption of both USDtb and USDe. But if they can pull it off, JupUSD could be a game-changer for Solana DeFi.

好的，這是我的看法。 JupUSD 對於 Jupiter 來說是明智之舉。它賦予他們更多控制權、調整激勵措施並加強 Solana DeFi 生態系統。但這並非沒有挑戰。讓用戶放棄 USDC 和 USDT 等成熟的穩定幣並非易事。此外，JupUSD 的成功取決於 USDtb 和 USDe 的穩定性和採用。但如果他們能夠成功，JupUSD 可能會改變 Solana DeFi 的遊戲規則。

Looking Ahead: Q4 and Beyond

展望未來：第四季度及以後

Keep your eyes peeled! JupUSD is expected to launch sometime in Q4 2025. Once it's live, it'll be gradually integrated into Jupiter's ecosystem, becoming a key player in liquidity, lending, and trading on Solana. Ethena Labs has big plans too, aiming to grab a significant slice of the global stablecoin market. They're not messing around!

一定要擦亮眼睛！ JupUSD 預計將於 2025 年第四季度推出。一旦上線，它將逐漸融入 Jupiter 的生態系統，成為 Solana 流動性、借貸和交易的關鍵參與者。 Ethena Labs 也有宏偉的計劃，旨在搶占全球穩定幣市場的重要份額。他們可不是鬧著玩的！

So, What's the Verdict?

那麼，判決是什麼？

JupUSD is more than just a new token; it's a strategic move to deepen the integration of native stablecoin infrastructure into Solana's DeFi world. It has the potential to boost efficiency, liquidity, and decentralization across Solana's financial networks. Whether JupUSD will become a dominant player remains to be seen, but one thing's for sure: it's going to be an interesting ride! And who knows, maybe one day we'll all be paying for our morning coffee with JupUSD. A guy can dream, right?

JupUSD 不僅僅是一個新代幣；這是深化原生穩定幣基礎設施與 Solana DeFi 世界整合的戰略舉措。它有潛力提高 Solana 金融網絡的效率、流動性和去中心化。 JupUSD 是否會成為主導者還有待觀察，但有一點是肯定的：這將是一次有趣的旅程！誰知道呢，也許有一天我們都會用 JupUSD 來支付早上的咖啡費用。一個人可以做夢，對嗎？