Ethena Labs and Jupiter Partner to Launch JupUSD Stablecoin on Solana

TLDR

• Jupiter will launch a new stablecoin, JupUSD, on the Solana blockchain in the fourth quarter of 2025.
• Ethena Labs will support the launch of JupUSD through its white-label stablecoin infrastructure.
• Jupiter plans to convert $750 million worth of USDC from its liquidity pool into JupUSD to provide initial liquidity.
• USDtb will back JupUSD at launch, a tokenized real-world asset stablecoin managed by Anchorage Digital.
• Jupiter will integrate JupUSD across its trading interface, lending platform, and decentralized exchange partnerships.

Jupiter will introduce JupUSD, a Solana-native stablecoin, in Q4 2025 with infrastructure from Ethena Labs. The launch includes converting $750 million USDC from Jupiter’s liquidity pool to seed JupUSD. This move strengthens Jupiter’s role in DeFi and expands Solana’s stablecoin ecosystem.

JupUSD to Strengthen Solana’s Liquidity Base

Jupiter and Ethena Labs will collaborate to launch JupUSD, a new stablecoin fully integrated with Solana. JupUSD will initially be backed by USDtb, issued by Ethena with Anchorage Digital. USDtb is secured by BlackRock’s BUIDL fund, ensuring exposure to tokenized real-world assets.

Jupiter plans to shift about $750 million in USDC to JupUSD to provide strong starting liquidity. This conversion supports broader DeFi operations and enhances stablecoin accessibility across Jupiter’s platforms. “We believe the sector will 10–100x from here,” said Jupiter co-founder Siong Ong.

At launch, JupUSD aims to serve as the base currency across Jupiter’s decentralized exchange, lending platform, and trading apps. It will also pair with assets on Meteora, a leading Solana-based decentralized exchange. Jupiter wants to center its DeFi stack around this native, asset-backed stablecoin.

Ethena Labs Powers Modular Stablecoin Infrastructure

Ethena Labs supports this rollout through its white-label stablecoin program, which enables platforms to issue native stablecoins. JupUSD joins other Ethena-backed stablecoins launched on MegaETH and Sui Network. The program provides DeFi protocols with stablecoin tools that offer institution-grade compliance and transparency.

USDtb, the initial collateral for JupUSD, differs from older algorithmic or overcollateralized models. It is fully backed by tokenized treasury assets, ensuring lower risk and better clarity. Ethena’s synthetic dollar, USDe, could later replace USDtb as the backing for JupUSD.

USDe maintains its peg through staked assets and short-term derivatives, holding a $14.8 billion supply. Ethena may utilize it to expand JupUSD’s risk-adjusted returns further. “JupUSD marks the latest addition to Ethena’s Whitelabel product lineup,” said Ethena founder Guy Young.

Solana Ecosystem Set for Stablecoin Expansion

Jupiter’s launch of JupUSD targets Solana’s growing but underserved stablecoin market. Solana hosts only 9.27% of Ethereum’s stablecoin supply. JupUSD could close this gap by anchoring more liquidity within the ecosystem.

Jupiter intends to use JupUSD as a key asset across its DeFi suite, promoting on-chain growth. With tokenized real-world backing, the stablecoin aligns with both transparency and regulatory readiness. Analysts expect this move to elevate Solana’s overall DeFi competitiveness.

Ethena Labs continues attracting support from investors, including Binance Labs, Franklin Templeton, and M2 Holdings. The partnership with Jupiter underlines its ambition to become a key player in cross-ecosystem stablecoin infrastructure.

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Source: https://blockonomi.com/ethena-labs-and-jupiter-partner-to-launch-jupusd-stablecoin-on-solana/