Jupiter and Ethena Partner to Launch Solana-Based Stablecoin JupUSD

In Brief

• JupUSD launches as Solana’s new native stablecoin built on Ethena’s tech stack.
• Stablecoin to replace $750M in Jupiter liquidity pools and power Jupiter Lend.
• Ethena expands reach with UR Global, bringing USDe access to 45+ countries.

Jupiter Exchange has announced the launch of JupUSD, its native Solana-based stablecoin developed in partnership with Ethena Labs. The stablecoin is built using Ethena’s Stablecoin-as-a-Service stack and will integrate across the entire Jupiter ecosystem, including lending, trading, and perpetual markets.

JupUSD will replace approximately $750 million in stablecoins currently held in Jupiter’s JLP pools, positioning it as the cornerstone asset for Jupiter Lend. The integration aims to deepen liquidity, enhance stability, and create unified on-chain settlement across all Jupiter products.

Initially, JupUSD will be 100% collateralised by USDtb, ensuring stability and transparency during its launch phase. Over time, USDe Ethena’s native yield-bearing stablecoin will be added as collateral to optimise returns and diversify backing.

Jupiter’s ecosystem integration will allow users to access JupUSD across Perps, Lend, Swap, Pro, and Mobile, forming a comprehensive stablecoin layer for Solana’s DeFi network. The stablecoin’s mint-and-redeem contracts are currently under development and are expected to go live in mid-Q4 2025, pending audits.

Ethena Expands Global Reach as Market Reacts

The collaboration extends Ethena’s growing influence after its partnership with UR Global, which brings USDe to 45+ countries via a neobank platform. The program offers up to 5% APY on USDe holdings, zero off-ramp fees, and fiat conversions across multiple currencies with Mastercard debit integration.

On the market side, Ethena (ENA) is trading at $0.5544, up 2.85% in the past hour but down 5.02% over 24 hours. Jupiter (JUP) is priced at $0.4523, rising 2.66% in the last hour while posting mild weekly losses.

Despite short-term bearish trends, analysts view the launch of JupUSD as a major milestone for both platforms, strengthening Solana’s DeFi liquidity and advancing Ethena’s role in cross-chain stablecoin infrastructure.