The Ethena Labs team has announced a partnership with the Jupiter platform to launch the native stablecoin JupUSD on the Solana blockchain.
Introducing JupUSD: the native stablecoin of the @JupiterExchange ecosystem built on Ethena’s Stablecoin-as-a-Service stack.
JupUSD will plug into every major part of the Jupiter stack, including:
— Jupiter Perps: where the ~$750m in stablecoins inside of JLP will gradually be… pic.twitter.com/jlNLc2eNCz
— Ethena Labs (@ethena_labs) October 8, 2025
The asset is expected to be released in the fourth quarter of 2025. Under the agreement, Jupiter will gradually convert $750 million from the liquidity pool of USDC into JupUSD, according to project representatives.
JupUSD will be used in five main scenarios within the Jupiter ecosystem:
- as collateral on the decentralized exchange for perpetual contracts;
- as the primary stablecoin for trading interfaces and the Jup Mobile app;
- as one of the main liquidity assets on Jupiter Lend;
- in trading pairs on the DEX Meteora;
- in future ecosystem products.
The new token will be part of Ethena’s White Label product line, which already includes partnerships with Sui and MegaETH. Previously, the company, in collaboration with Anchorage Digital Bank, introduced the stablecoin USDtb — the first asset issued in the US under the GENIUS Act standards.
Jupiter co-founder Siong Ong noted that stablecoins have “already proven their demand in blockchain ecosystems.” According to him, the sector can “grow 10–100 times.” The launch of JupUSD will allow the company to “secure a central position in DeFi on Solana.”
Initially, the token will be fully backed by USDtb, which is supported by BlackRock’s tokenized BUIDL fund. A transition to USDe backing is possible in the future.
According to CoinGecko, the market capitalization of Ethena Labs’ “synthetic dollar” exceeds $14.8 billion, making it one of the largest stablecoins. For comparison, at the time of writing, the supply of centralized giants USDT and USDC stands at $177 billion and $75 billion, respectively.
Back in August, Ethena added BNB to the assets backing USDe.