Jupiter, Solana's top decentralized exchange aggregator, has teamed up with Ethena Labs to introduce JupUSD, a new stablecoin native to the Solana blockchain, set to launch in mid-Q4 2025. JupUSD will be 100% backed by Ethena's USDtb token, which is collateralized by short-term US Treasury assets, including BlackRock's USD Institutional Digital Liquidity Fund (BUIDL). Over time, Ethena plans to add USDe, its yield-bearing synthetic dollar that uses a delta-neutral hedging strategy, as a secondary backing asset to enhance stability and returns.
The stablecoin will replace approximately $750 million in existing stablecoins across Jupiter's platforms, making it the primary collateral on Jupiter Perps and a key liquidity asset in Jupiter Lend. It will be deeply integrated into all Jupiter products, including trading on Swap, Pro, and Mobile, and will serve as collateral and settlement asset. Jupiter, with $3.58 billion in total value locked according to DeFiLlama, is the largest protocol on Solana, and this initiative aims to create a self-sustaining liquidity base within Solana's DeFi ecosystem.
Ethena Labs, which has issued over $16 billion in stablecoins with USDe at a $14.8 billion market cap and USDtb at $1.8 billion, provides the white-label stablecoin infrastructure for this launch. This model allows companies to issue branded stablecoins without building custom systems. The partnership reflects a shared vision to reduce reliance on bridged stablecoins like USDC and USDT, and Jupiter is evolving into a "super app" for Solana DeFi. Multiple security audits are planned before the mainnet rollout, and the move follows Ethena's renewed institutional confidence, including a $10 billion investment from CZ's family office, YZi Labs.
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