Jupiter Launches JupUSD Stablecoin on Solana With Ethena Labs


#Jupiter, the leading decentralized exchange aggregator on the $SOL network, announced Wednesday that it will launch JupUSD, a native #stablecoin built in collaboration with #Ethena Labs. The token is scheduled to go live in the fourth quarter of 2025, pending completion of security audits on its Solana-native mint and redeem contracts.


#JupUSD will initially be fully collateralized by USDtb, Ethena's short-term treasury-backed stablecoin that itself is backed by #BlackRock's BUIDL tokenized fund representing investments in U.S. treasuries. Ethena's flagship stablecoin, $USDe, the third-largest stablecoin behind Tether's USDT and Circle's USDC, will be added as collateral at a later stage.


As part of the arrangement, Jupiter plans to progressively convert approximately $750 million of USDC from its Liquidity Provider Pool into JupUSD. The integration will see JupUSD function across five key areas within the Jupiter ecosystem, including as collateral for decentralized perpetual futures trading, a primary stablecoin for trading interfaces and Jup Mobile, and a major liquidity hub on Jupiter Lend.


Jupiter Chief Operating Officer Kash Dhanda stated that stablecoins represent a critical component of the platform's mission to serve users globally through decentralized finance rails. Jupiter co-founder Siong Ong added that the sector is positioned for significant expansion, with the potential to grow 10 to 100 times from current levels.


The collaboration marks a significant expansion for Ethena on $SOL and could unlock the network's growing stablecoin market, which currently represents approximately 9.27% of Ethereum's circulating stablecoin supply. Jupiter processed close to $20 billion in trading volume over the past 30 days and generated $1.2 million in revenue in the last 24 hours, according to DefiLlama data.

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October 08, 2025 at 9:39 PM
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