Jupiter's shift—replacing $500M USDC allocation within JLP through JupUSD introduction—creates a structural pressure point for perps traders across Solana. The numbers tell the story: controlling 74.3% of DEX volume share means Jupiter effectively sets the quote asset standard for most Solana transactions. This isn't merely about launching another stablecoin. It's about leveraging routing dominance as a competitive moat. When most traders route through one DEX, they're forced to interact with its native settlement layer. Stablecoin competitors like Circle face an uphill battle against this kind of embedded infrastructure control. The strategy works not through feature superiority, but through market structure—a subtle but powerful distinction.