Ethena and Jupiter Partner to Launch Solana-Native Stablecoin JupUSD
Decentralized finance protocol Ethena Labs has partnered with Jupiter, Solana’s leading decentralized platform aggregator, to launch JupUSD, a new stablecoin native to the Solana blockchain.
The collaboration aims to deepen Jupiter’s liquidity ecosystem and expand Ethena’s stablecoin infrastructure beyond ETH, marking a major cross-chain move for both projects.
According to the , JupUSD is designed to serve as a liquidity and settlement asset across Jupiter’s growing suite of products, including its Jupiter Liquidity Provider (JLP) pools, perpetual markets, and lending platforms.
The token is expected to go live in Q4 2025, with Jupiter planning to gradually transition up to $750 million worth of USDC from its liquidity pools into JupUSD. This move is aimed at creating a self-sustaining liquidity base within the Solana DeFi ecosystem.
At launch, JupUSD will be fully backed by USDtb, a collateral asset managed by Ethena Labs. USDtb itself is supported by BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL), which holds short-term U.S. Treasury bills and cash equivalents.
Over time, Ethena plans to introduce USDe, its yield-bearing synthetic dollar, as an additional collateral layer for JupUSD. The stablecoin will include minting and redemption mechanisms built directly into Solana smart contracts, with multiple audits planned before its mainnet rollout.
Strategic Move for Both Projects
For Jupiter, the launch of JupUSD signals an evolution toward becoming a “super app” for Solana’s DeFi market—integrating trading, lending, and stablecoin liquidity under one roof.
Ethena, on the other hand, continues to position itself as a leading provider of “white-label” stablecoin infrastructure, enabling external ecosystems to issue their own stable assets built on Ethena’s technology stack.
Both projects said the partnership reflects a shared vision to make Solana’s liquidity more efficient and decentralized, reducing reliance on bridged stablecoins such as USDC and USDT.
Ethena Expands Stablecoin Ambitions
Ethena Labs has gained renewed institutional confidence later than CZ’s $10 billion family office, YZi Labs,
The move follows the surge of USDe, Ethena’s synthetic dollar, to a $14 billion market cap, . The growth underscores rising trust in Ethena’s model, which blends delta-neutral strategies with on-chain liquidity.
The update comes weeks later than amid community resistance, opting instead to double down on its own ecosystem.
