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Ethena Labs and Jupiter are launching JupUSD, a native Solana-based stablecoin.
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Jupiter will convert around $750 million of its USDC liquidity into JupUSD.
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The stablecoin will be integrated across Jupiter’s ecosystem and backed by Ethena’s USDtb reserves.
JupUSD to Power Solana’s Expanding Stablecoin Market
Ethena Labs, the team behind the decentralized synthetic dollar USDe, has partnered with Solana-based DeFi hub Jupiter to launch JupUSD, a new stablecoin native to Solana.
Set to debut in Q4 2025, JupUSD will anchor Jupiter’s DeFi ecosystem. As part of the rollout, Jupiter plans to convert roughly $750 million worth of USDC from its Liquidity Provider Pool into the new stablecoin, making it one of the largest Solana-native launches to date.
Integrated Across Jupiter’s Core Products
JupUSD will be used throughout Jupiter’s platform — including its decentralized perpetual exchange, trading interfaces, lending protocol, and partner DEX Meteora. It will also serve as a key asset across upcoming Jupiter apps like Jup Mobile.
Initially, JupUSD will be fully backed by USDtb, a token tied to BlackRock’s tokenized USD fund (BUIDL), with a possible transition to Ethena’s USDe backing later on.
A Big Step for Solana DeFi
Jupiter co-founder Siong Ong said the launch “marks a major step forward” for both ecosystems. Ethena founder Guy Young added that it’s part of the company’s growing whitelabel stablecoin program, which already includes SUI and MegaETH.
The partnership could help Solana close the gap with Ethereum’s dominant stablecoin market — currently holding less than 10% of Ethereum’s supply.
