Jupiter Pivots To JupUSD

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Market Snapshot: Overnight Moves

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Daily Updates:

• Risk-on assets across the spectrum continued to rally yesterday, despite continued geopolitical tensions between the US and Venezuela. 
• Nicolas Maduro’s vice president and oil minister Delcy Rodriguez was formally sworn in as the country’s interim president yesterday, while Maduro pleaded not guilty to drug and weapons charges in a New York court. 
• During an interview with NBC News yesterday President Trump explained some of his plans for Venezuela going forward. When asked about a potential election next month he responded, “We have to fix the country first. You can’t have an election. There’s no way the people could even vote… It’s going to take a period of time. We have to nurse the country back to health”.
• Regarding Venezuela's oil industry, Trump said that his administration may subsidise efforts by energy companies to rebuild Venezuela’s oil industry, while also suggesting that a revamp of the nation’s oil sector could be “up and running” in less than 18 months. 
• “I think we can do it in less time than that, but it’ll be a lot of money … A tremendous amount of money will have to be spent and the oil companies will spend it, and then they’ll get reimbursed by us or through revenue”, Trump said. 
• He also claimed that “Having Venezuela that’s an oil producer is good for the United States because it keeps the price of oil down”. 

• BTC rose from $91K on Monday to an intraday high of $94K and has currently settled slightly below at $93K. ETH currently trades firmly above the $3K resistance level that it struggled to meaningfully break above in the tail end of 2025. 
• That marked the fifth consecutive session in which BTC has rallied and the recovery was also accompanied by a second day of strong inflows into the Spot BTC ETFs which purchased $697.2M worth of bitcoins yesterday — the largest single-day inflow since October 7, 2025, just before the October 10 crash. 
• Spot ETH ETFs are also showing tentative signs of rebounding from days of outflows too. Across last Friday and yesterday, Spot ETH funds have purchased $342.5M of Ether. 

• On Wall Street, the benchmark S&P 500 closed Monday’s session up 0.64% and the Nasdaq-100 traded 0.77% higher. 
• However, it wasn’t just risk assets that rose yesterday either. The demand for safe haven assets continued to soar — gold prices rose 3% to over $4,400 per ounce, while silver rose close to 5%. 
• 10 year treasury yields fell slightly following the ISM’s manufacturing report for December which showed manufacturing activity in the US shrunk by the most since October 2024. The Institute for Supply Management's manufacturing index fell to 47.9 from 48.2, marking the tenth consecutive month the index has registered a sub-50 level, indicating a contraction. 

• Speaking on CNBC on Monday, Minneapolis Federal Reserve President Neel Kashkari said that he has continued to be surprised by the resilience of the US economy — “Over the last couple of years, we kept thinking the economy is going to slow down, and the economy has proven to be far more resilient than I had expected”. 
• As such, Kashkari said, “That tells me, well, monetary policy must not be putting that much downward pressure on the economy. My guess is we’re pretty close to neutral right now”. 
• When asked what that means for monetary policy, Kashkari responded “We just need to get more data to see which is the bigger force, is it inflation, or is it the labour market, and then we can move from a neutral stance whatever direction is necessary”. 

• Grayscale confirmed yesterday that its Ethereum Staking ETF (ETHE) is now distributing staking rewards to shareholders - marking the first time a U.S. spot Ethereum ETP has passed staking proceeds through to investors.
• The fund will pay $0.083178 per share, with ETHE trading ex-dividend at the market open on 6 January 2026, for holders of record as of 5 January 2026, and payment due 6 January 2026.

• DEX aggregator Jupiter Exchange has introduced an Ethena whitelabelled stablecoin, JupUSD, on Solana. The platform is gradually deploying JupUSD across its product suite, including JupLend, Swap, Mobile, Send, and Perps, with the intention of progressively replacing roughly $500M of USDC currently held within Jupiter’s liquidity pool.
• At launch, around 90% of reserves will be allocated to USDtb, a licensed and GENIUS-compliant stablecoin backed by BlackRock’s BUIDL Fund, alongside a 10% USDC liquidity buffer and a secondary pool on Meteora. Over time, a share of reserves is expected to shift toward Ethena’s stablecoin, USDe. 

This Week’s Calendar:

Charts of the Day:

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