Ethena and Jupiter Partner to Launch Solana-Native Stablecoin JupUSD

The stablecoin market on Solana is about to get a major new entrant. Ethena Labs, the team behind decentralized synthetic dollar USDe, has partnered with Solana’s largest DeFi exchange, Jupiter, to introduce JupUSD, a native stablecoin designed for broad use across the Jupiter ecosystem.

The token is expected to go live in the fourth quarter of 2025.

Building a Stablecoin for Solana’s DeFi Ecosystem

As part of the rollout, Jupiter plans to gradually convert around $750 million of its Liquidity Provider Pool’s USDC into JupUSD. This would give the new token immediate liquidity and ensures it will serve as a key medium of exchange within Solana-based DeFi.

At launch, JupUSD will be fully backed by USDtb, a dollar-pegged stablecoin linked to BlackRock’s tokenized BUIDL fund, with the possibility of transitioning to Ethena’s USDe collateral structure in the future.

JupUSD will also integrate deeply into Jupiter’s product suite. According to the team, the stablecoin will be available as collateral in Jupiter’s perpetuals exchange, as a primary settlement token on Jupiter Mobile, and as a major liquidity hub within Jupiter Lend.

It will also be paired across partner DEXs like Meteora and extended into future Jupiter products currently under development.

Expanding Ethena’s Whitelabel strategy

For Ethena, JupUSD marks another step in its whitelabel product approach, which already includes partnerships with platforms such as Sui and MegaETH.

Founder Guy Young said the collaboration “expands Ethena’s stablecoin lineup while unlocking new opportunities for Solana’s DeFi market.”

The announcement follows Ethena’s July partnership with Anchorage Digital to issue USDtb in the U.S., making it the first stablecoin created under GENIUS Act standards.

The launch also highlights Jupiter’s evolution from a DEX aggregator into a broader DeFi “superapp,” with extensions into lending and AI-powered tools.

“Stablecoins have proven true product market fit on-chain,” Jupiter co-founder Siong Ong said. “JupUSD represents a step forward for us to create more value and ensure Jupiter stays at the center of Solana DeFi.”

The broader stablecoin market continues to be dominated by centralized issuers Tether (USDT) and Circle (USDC), with respective market caps of $177 billion and $74 billion.

By contrast, Solana’s stablecoin supply still lags Ethereum’s by nearly 90%, suggesting space for growth. With Ethena’s USDe already at $14.8 billion in supply and JupUSD set to launch this quarter, both firms are betting on Solana’s stablecoin economy catching up.

Other Related Read/Listens

• $15B Valuation Before Launch? Hyperliquid Opens Trading on Monad Token Before Launch
• Meteora Introduces Phoenix Rising Plan with Full Token Unlock at TGE
• Plume Network Proposes $1M Acquisition of Dinero Protocol