Ethena Labs and Jupiter are preparing to issue a new stablecoin, JupUSD, backed by the US dollar, for the Solana ecosystem.
This is reported by Business • Media
JupUSD: A New Stablecoin for Solana
Ethena Labs and Jupiter have announced a strategic partnership aimed at launching the JupUSD stablecoin, which will be fully backed by the US dollar. The token is expected to launch in the fourth quarter of 2025 and will be part of Ethena’s expansion on the Solana platform.
Jupiter plans to convert approximately $750 million USDC from its reserves into the new JupUSD, which is expected to strengthen the position of this stablecoin in the market. JupUSD will be integrated into key Jupiter services, serving as the primary collateral on decentralized platforms, the main trading stablecoin in the Jupiter Mobile app, and a token for trading on the DEX Meteora. All future exchange products will also utilize JupUSD.
Development Strategy and Market Prospects
JupUSD will be part of Ethena Labs’ lineup of Whitelabel products, which already includes stablecoins like USDe and USDtb. According to Ethena Labs’ CEO Guy Yang, the launch of the new token will allow the project to deepen its presence in Solana and enhance the development of decentralized finance within this network.
Initially, JupUSD will be fully backed by USDtb—a token that Ethena launched in collaboration with Anchorage Digital, which invests in tokenized liquidity funds from BlackRock. There is also consideration for transitioning to backing through USDe, whose supply volume already exceeds $14.8 billion.
Jupiter co-founder Syong Ong emphasized the importance of stablecoins for the development of DeFi:
“The stablecoin sector is just beginning to scale. We are confident that JupUSD will be a step towards creating greater value within the Solana ecosystem and beyond,” said the entrepreneur.
Experts note that Solana’s share of the stablecoin market currently does not exceed 10% of Ethereum’s volume, but the emergence of projects like Jupiter and Ethena could change the balance of power in the market in the coming quarters. Company representatives emphasize that the growing interest in issuing digital dollars on Solana opens new opportunities for the development of decentralized finance.
It was previously reported that the company StablecoinX raised $530 million to buy back Ethena tokens and go public on Nasdaq.