Ethena and Jupiter Unveil JupUSD to Target Solana's $750M Stablecoin Market

- Ethena Labs and Jupiter to launch JupUSD, a Solana-based stablecoin. - Stablecoin to be integrated into Jupiter’s ecosystem and initially backed by USDtb. On October 8, 2025, The Block reported that Ethena Labs and Jupiter announced a partnership to launch JupUSD. This new stablecoin is native to the Solana blockchain and will debut in the fourth quarter of 2025. The collaboration seeks to capitalize on Solana’s growing ecosystem and position Jupiter as a significant player in the stablecoin market. JupUSD will serve as a cornerstone token for Jupiter’s decentralized finance (DeFi) operations, helping align Ethena’s strategic goals with Solana’s market expansion. As part of the rollout, Jupiter will convert approximately $750 million in USDC from its Liquidity Provider Pool into JupUSD. The stablecoin will play a pivotal role within Jupiter's ecosystem, serving as collateral on its decentralized perpetuals exchange, acting as a liquidity hub in Jupiter Lend, and operating as a major pairing token on the Meteora decentralized exchange (DEX). Additionally, Jupiter will feature JupUSD prominently across its trading platforms, offering users a primary stablecoin for seamless transactions and liquidity. Initially, JupUSD will be fully backed by USDtb, a stablecoin from Ethena Labs that is invested in BlackRock’s tokenized USD Institutional Digital Liquidity Fund (BUIDL). Furthermore, Ethena Labs has hinted at future plans to transition JupUSD to partial backing by its synthetic dollar, USDe. This dual-backing mechanism demonstrates Jupiter’s commitment to stablecoin innovation and supports Ethena’s broader integration within the Solana ecosystem. As of 15:08 UTC on October 8, market data showed Solana (SOL) trading at $220.67, a 1.55% decrease over 24 hours. In the same period, Jupiter (JUP) was trading at $0.45, down 0.76%, while Ethena USDe (USDe) was priced at $1.00, marking a 0.02% increase.