JPEG Trading, a quantitative trading firm specializing in cryptocurrency, decentralized finance, market structure, and digital asset liquidity, announced the launch of its curation business with first vaults to be available on Euler, the modular lending platform for building and managing custom onchain credit markets.

The launch marks JPEG Trading's entry into one of the most important emerging functions in decentralized finance: asset curation. As lending markets become increasingly specialized, effective curation plays a critical role in determining which assets can be responsibly and efficiently integrated into onchain financial systems.

JPEG Trading's approach combines deep technical and financial diligence with direct capital commitment. Rather than simply recommending assets, JPEG will focus on curating markets where it is willing to deploy its own balance sheet, creating alignment between its risk assessments and the outcomes experienced by users.

"We believe curation is one of the most important functions in DeFi, yet it remains significantly underinvested in," said Kevin March, cofounder of JPEG Trading. "The next phase of onchain finance requires specialists who can evaluate complex assets, understand their risks, and help create liquid, useful markets around them. Our philosophy is simple: if we're willing to underwrite an asset, we should be willing to hold exposure to it ourselves."

JPEG Trading specializes in evaluating assets that require niche technical, market structure, or financial diligence. By combining quantitative research, market expertise, and capital commitment, the firm aims to expand access to high-quality collateral that may have historically lacked sufficient underwriting or liquidity support.

The first asset curated by JPEG Trading will be tGLD, a tokenized gold product by Tenbin Labs backed by CME gold futures held in cleared margin rather than physically vaulted gold bullion. tGLD's unique structure allows for liquidity among tokenized gold products. JPEG Trading intends to maintain balance sheet exposure to tGLD, reflecting the firm's belief that the strongest underwriting comes from curators who are willing to stand behind their analysis with their own capital.

"JPEG Trading has been a long-time partner of Tenbin Labs, and we're excited to see them launch a curation business around the next generation of RWA assets. While most onchain RWA markets are centered on yield-bearing USD products, JPEG is helping create a new model for curating and underwriting non-USD assets, beginning with tGLD, our liquid tokenized gold product. Their balance sheet commitment and market structure expertise make them a strong partner for bringing Tenbin's inherently liquid assets onchain and enabling differentiated yield opportunities, including potential gold-denominated yields of 4–6% on tGLD through their vault." said Yuki Yuminaga, cofounder & CEO at Tenbin Labs.

The launch represents the first step in JPEG Trading's broader vision for the role of sophisticated market makers in DeFi: through a transparent, incentive-aligned framework that helps bring high-quality assets onchain with liquidity and utility while maintaining rigorous risk standards.