Ethena Labs and Jupiter Partner to Launch JupUSD Stablecoin on Solana

Highlights
- Ethena and Jupiter partner to launch JupUSD, a new native stablecoin on Solana.
- JupUSD will power Jupiter’s lending suite.
- Ethena eyes $50 billion stablecoin supply as Stablecoin-as-a-Service expands across DeFi networks.
Ethena Labs reported that it has partnered with Jupiter Exchange to develop JupUSD. This is a new stablecoin designed to power Solana’s largest decentralized trading ecosystem. The token will serve as the native stablecoin within Jupiter’s product suite, built on Ethena’s Stablecoin-as-a-Service framework.
JupUSD to Replace $750M in Stablecoins and Anchor Jupiter’s DeFi Products
According to Ethena, JupUSD will be integrated into every major component of Jupiter’s ecosystem. It will first replace about $750 million in existing stablecoins used inside the Jupiter Liquidity Pool, known as JLP. The company said JupUSD will also become the cornerstone lending asset for Jupiter Lend, expanding its role across the broader Solana DeFi landscape.
Introducing JupUSD: the native stablecoin of the @JupiterExchange ecosystem built on Ethena’s Stablecoin-as-a-Service stack.
JupUSD will plug into every major part of the Jupiter stack, including:
– Jupiter Perps: where the ~$750m in stablecoins inside of JLP will gradually be… pic.twitter.com/jlNLc2eNCz
— Ethena Labs (@ethena_labs) October 8, 2025
Initially, the stablecoin will be backed by USDTb, a token that is nearly fully supported by BlackRock’s BUIDL fund. Ethena Labs confirmed that JupUSD is still in development and is expected to launch in the coming months. Over time, Ethena plans to diversify the backing by introducing USDe, its own synthetic dollar asset, into the mix.
Ethena Expands Stablecoin-as-a-Service With Jupiter Partnership
The launch forms part of Ethena’s ongoing expansion through its whitelabel stablecoin program. The company described JupUSD as the latest product from its Stablecoin-as-a-Service line. This system that allows blockchain projects to issue custom stablecoins with institutional-grade backing.
The model gives partner protocols a way to integrate stable assets directly into their own financial systems without relying on third-party issuers. Ethena claimed that Jupiter is part of an increasing number of leading protocols and chains currently integrating this model.
The collaboration between Ethena and Jupiter points directly to a larger trend of blockchain-powered sets of stablecoins. Ripple is also expanding its XRPL DeFi roadmap to include tokenized assets and stablecoins, signaling growing institutional focus on this area.
By proposing to tie USDTb and BlackRock’s BUIDL fund to the Solana DeFi network, JupUSD aims to connect regulated financial products with decentralized systems.
Ethena Targets 5% Of Stablecoin Market Supply
In a video with Ethena founder Guy Swann, and one of the representatives of the Jupiter team, Swann discussed how Ethena was progressing. He revealed that its stablecoin ecosystem currently represents about 5% of the total stablecoin market.
However, he said the company expects supply to exceed $50 billion within the next two years. “We’re still pretty insignificant relative to the market,” Swann admitted, “but we aim to keep exceeding expectations and growing aggressively.”
Jupiter’s representative said the partnership reflects a shared goal of making DeFi accessible to everyone globally. Recently, Federal Reserve Governor Chris Waller endorsed stablecoins as an efficient tool for global payments, underscoring their growing importance in the financial system.
“Jupiter aims to serve every person on this planet using DeFi rails,” they said. “Stablecoins are a critical part of that, and we couldn’t ask for a better partner than Ethena.” They described the collaboration as “two top-tier teams working together for the good of DeFi.”
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