Application-Specific Stablecoins Gain Momentum in DeFi

[nihalsari]

JupUSD arrives as part of a broader trend toward application-specific stablecoins, where tokens are purpose-built for individual platforms rather than competing directly with giants like USDT and USDC. In 2025, several major crypto and fintech players rolled out proprietary stablecoins optimized for trading, payments or internal settlement.

Examples include MetaMask’s wallet-native stablecoin for swaps and bridging, Hyperliquid’s USDH for perpetual futures collateral, Klarna’s internal payments stablecoin, and SoFi’s enterprise-focused SoFiUSD. Together, these launches suggest stablecoins are evolving from generic payment tools into tightly integrated financial infrastructure tailored to specific ecosystems.

[ed]

feels like stablecoins are turning into backend plumbing instead of consumer products