Big news! Ethena and Jupiter are teaming up to launch a new stablecoin on Solana: JupUSD!
Huge announcement coming out of the crypto world today! The folks over at Ethena Labs are partnering up with the Jupiter platform to roll out a brand-new stablecoin called JupUSD, built specifically for the Solana blockchain.
Ethena Labs basically said, “Hey world, meet JupUSD! It’s Jupiter’s very own stablecoin, and it’s powered by our ‘Stablecoin-as-a-Service’ tech!” They even tweeted about how JupUSD will plug into everything Jupiter does, including their perpetuals platform.
You can expect to see this new stablecoin launch sometime in the last few months of 2025, probably around October to December. And get this: Jupiter is planning to gradually convert a massive $750 million from their existing USDC liquidity pool into JupUSD. That’s a serious commitment!
So, what will JupUSD actually be used for within the Jupiter ecosystem? Quite a lot, it turns out:
- It’ll be used as collateral on their decentralized exchange for perpetual futures contracts.
- It’s going to be the main stablecoin you see in their trading interfaces and on the upcoming Jup Mobile app.
- Expect it to be one of the key assets providing liquidity on Jupiter Lend.
- You’ll find it in trading pairs on the Meteora DEX.
- And, of course, it’s slated for use in all sorts of future products Jupiter has up its sleeve.
This new JupUSD token is actually part of Ethena’s “White Label” service, which is pretty cool. They’ve already done similar partnerships with projects like Sui and MegaETH. Plus, Ethena, working with Anchorage Digital Bank, previously launched USDtb – that was a big deal because it was the first asset issued in the US under the GENIUS Act standards.
Siong Ong, one of Jupiter’s co-founders, is clearly super excited. He pointed out that stablecoins have already proven how much people need them in blockchain ecosystems, and he thinks the whole sector could “grow 10-100 times.” For Jupiter, launching JupUSD is a strategic move to “secure a central position in DeFi on Solana.” Sounds like they’re aiming big!
Initially, JupUSD will be completely backed by USDtb, which, get this, is supported by BlackRock’s tokenized BUIDL fund. How’s that for traditional finance meeting crypto? There’s also a possibility it could transition to being backed by Ethena’s USDe in the future.
Speaking of USDe, Ethena Labs’ “synthetic dollar” is already a giant in the stablecoin world, boasting a market cap over $14.8 billion, according to CoinGecko. To give you some perspective, while it’s not quite at the level of behemoths like USDT (around $177 billion) or USDC (around $75 billion) right now, it’s definitely a significant player. Oh, and they also added BNB to the assets backing USDe back in August, which was another interesting move.
