Ethena's next major initiative has begun: Whitelabel Stablecoin-as-a-Service. Partnering with Jupiter to launch JupUSD on Solana, followed by two key actions: replacing approximately $750 million in stablecoins from JLP with JupUSD, and establishing it as the core lending asset for Jupiterlend. This time, they directly took USDC out of JLP—gaining more and more influence. Jupiterlend is developed and supported by Fluid, making Ethena + Jupiter + Fluid the 'new trinity' of Solana.