Solana’s Jupiter Partners With Ethena to Launch New Stablecoin

Hi! In today’s edition:

• 💫 Jupiter and Ethena roll out JupUSD on Solana

• 💭 Is POLY coming? Polymarket sparks token rumors

• 🔐 Ethereum gets serious about privacy upgrades

• 🏛️ Congress inches toward long-awaited crypto regulation

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Jupiter Teams Up With Ethena to Launch JupUSD Stablecoin

Solana-based DeFi aggregator Jupiter and Ethena development firm Ethena Labs have announced a partnership to launch JupUSD, a new Solana-native stablecoin set to debut later this year.

At launch, JupUSD will be 100% backed by USDtb, a dollar-pegged stablecoin issued by Ethena and backed by short-term U.S. Treasury assets, primarily through BlackRock’s BUIDL fund.

Over time, Ethena’s synthetic stablecoin, USDe, will be added as a secondary collateral asset to optimize yield for holders.

Jupiter plans to progressively convert about $750 million of current stablecoin reserves, most of which are in USDC, from its platform liquidity pools into JupUSD.

The rollout leverages Ethena’s Stablecoin-as-a-Service infrastructure, which allows protocols like Jupiter to issue branded stablecoins using Ethena’s collateral management and minting frameworks.

“huge for the jupiter business, huge for the jupiter product suite, and huge for [redacted]” said Kash Dhanda, who interchangeably uses the titles Chief Operating Officer and “cat-herder” at Jupiter. 

Polymarket Founder Teases POLY Token in X Post

Polymarket founder Shayne Coplan has ignited a wave of speculation around a potential native POLY token for the popular blockchain-based prediction platform.

In a cryptic X post, Coplan listed POLY alongside major crypto assets like BTC, ETH, BNB, and SOL, hinting that its arrival could be in the works. 

If launched, the POLY token could serve as the basis for governance, liquidity incentives, and user rewards.

The speculation was further fueled by recent U.S. Securities and Exchange Commission (SEC) filings from Polymarket’s parent company, Blockratize, which referenced “other warrants” that could signal advanced stages in token rollout.

Coplan’s post followed Polymarket closing a $150 million funding round at a $1.2 billion valuation, led by Founders Fund in 2025, alongside a massive $2 billion investment commitment from Intercontinental Exchange (ICE).

Ethereum Foundation Launches ‘Privacy Cluster’

The Ethereum Foundation has launched a new initiative called the "Privacy Cluster" to enhance privacy in the Ethereum ecosystem.

It brings together 47 researchers and engineers, led by Blockscout founder Igor Barinov, and aims to coordinate and advance privacy-focused projects and tools across Ethereum.

Building on the work of the Privacy Stewards of Ethereum team since 2018, the initiative focuses on developing full-stack privacy infrastructure including private reads and writes, private proving, private identities, and the Institutional Privacy Task Force.

A special focus is on Kohaku, a privacy-preserving wallet and software development kit (SDK).

“By continuing to level up the privacy features of Ethereum at every level of the stack, we can protect users onchain and unlock new use cases for developers and institutions. The work is underway,” said the Foundation.

Landmark Crypto Bill Set to Take a Big Step in the Senate Despite Shutdown

By Jason Brett

Ever since the U.S. House of Representatives passed the CLARITY Act in July 2025, the crypto industry has been waiting for the Senate to provide its version of a crypto market structure bill so that the two congressional chambers can send a unified document to President Trump for signature.

Well, good news is on the way, even in the midst of this government shutdown.

A spokesperson at the Senate Agriculture Committee exclusively shared with Unchained on Tuesday that progress is continuing apace. “Chairman [John] Boozman [R-AR] aims to release a bipartisan discussion draft. It’s a deliberate process and we’re negotiating in good faith. We’re committed to achieving bipartisan support in the committee.” While the spokesperson was unable to commit to a specific timeline, the optimism should be reassuring to an industry that is sitting on pins and needles during the shutdown — especially since getting legislation passed during a midterm election year is challenging.

This draft cannot come soon enough, especially since the shutdown appears likely to continue until at least next week, which could squeeze the back end of the congressional calendar. The release is particularly important because it is just one of several steps that need to be completed before the Senate can pass its own bill, let alone reconcile some major differences with the House.

But with time running out and competing bills piling up, can Congress actually deliver the crypto industry’s long-awaited breakthrough?

We’re live today!

Today on Unchained at 9:00am ET, Laura discusses What is the point of all the stablechains and stablecoins? with Dragonfly’s Rob Hadick and Helius’s Mert Mumtaz.

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• 🦊 MetaMask launched in-app perpetuals trading powered by Hyperliquid and announced plans to integrate Polymarket’s prediction markets, advancing its push into decentralized trading while preparing the rollout of its MASK token.

• 🕵️‍♂️ A Chainalysis report found governments could potentially seize more than $75 billion in crypto tied to illicit activity, a figure driving Trump’s global plan to build state-run digital asset reserves using confiscated bitcoin and other tokens.

• 🌐 Farcaster, a decentralized social platform created by ex-Coinbase execs, added support for BNB Chain as the BNB token surged to become the third-largest crypto asset, expanding the protocol’s multi-chain strategy beyond Ethereum and Solana.

• 📲 Coinbase launched a DEX trading feature directly in its U.S. app (excluding New York), letting users swap tokens onchain through 1inch and 0x liquidity pools and trade assets right after launch without waiting for formal listings.

• 🏦 The Bank of England is reportedly preparing exemptions to its proposed limits on stablecoin holdings, allowing crypto exchanges and similar businesses to maintain larger balances, signaling a softer stance after backlash over its earlier restrictive cap plans.

• 💵 North Dakota announced plans to issue “Roughrider Coin,” a state-backed stablecoin built with payments firm Fiserv, marking the first such initiative from a U.S. state bank and signaling wider adoption of blockchain-based digital dollars under the new GENIUS Act.

• 🇬🇧 The UK government will appoint a “Digital Markets Champion” to coordinate its blockchain and tokenization agenda for financial markets, as part of a broader plan to replace paper-based securities with fully digital assets like tokenized government bonds.

• 🤖 Startup 375ai raised $10 million from Delphi, Strobe, and others to expand its network of sensor-equipped devices that track real-world vehicle and environmental data, aiming to turn physical-world activity into AI-ready intelligence and launch its token later this month.

• 🤝 PayPay, Japan’s leading digital payments app owned by SoftBank, bought a 40% stake in Binance Japan to merge PayPay’s 70 million-user network with Binance’s crypto infrastructure, aiming to blend cashless payments with crypto transactions.

• 🪙 Citi Ventures invested in BVNK, a stablecoin infrastructure company that processes over $20 billion a year, as big banks accelerate their entry into regulated stablecoin payments following the new federal framework under the GENIUS Act.

• 💎 Bit Digital expanded its holdings to 150,244 ETH—worth about $675 million—after using proceeds from a $150 million convertible note sale, marking its transformation from a bitcoin miner into one of the largest Ethereum-focused treasury firms.

1. Yes, we really do want to trust crypto interests with the future of money by Nic Carter, Founding Partner at Castle Island Ventures

2. DL News: Crypto investors pile into tokenised gold as ‘debasement trade’ fuels $4,000 break