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Jupiter, Solana’s leading decentralized exchange aggregator, has announced the launch of its own JupUSD stablecoin, developed in partnership with Ethena Labs. The JupUSD stablecoin is set to go live in mid-Q4 2025 and will be fully backed by U.S. Treasury assets through Ethena’s collateralized token, USDtb.
The JupUSD stablecoin represents Jupiter’s strategic step into stable-value infrastructure, as the platform continues to expand beyond its core trading services. Ethena Labs, which has issued over $16 billion in stablecoins to date, will provide its white-label stablecoin technology for the project.
“JupUSD will bring stability, liquidity, and flexibility to Jupiter’s expanding DeFi ecosystem,” Jupiter team, in a project statement.
The JupUSD stablecoin will be initially backed by USDtb, a tokenized dollar asset from Ethena Labs that is collateralized by short-term U.S. Treasury holdings, including exposure to BlackRock’s USD Institutional Digital Liquidity Fund.
Over time, Jupiter plans to integrate USDe, Ethena’s synthetic dollar token that uses a delta-neutral hedging mechanism, as an additional backing asset. This layered approach aims to strengthen JupUSD stablecoin’s peg stability and improve resilience against liquidity shocks.
“Using a mix of Treasury-backed and synthetic assets allows us to build a diversified, transparent, and efficient stablecoin reserve,” Ethena Labs team, confirming the collaboration.
The JupUSD stablecoin will be woven into Jupiter’s ecosystem as a central liquidity and collateral asset. It will serve as a key component in Jupiter Perps, the platform’s perpetual futures exchange, and as a liquidity pool token within its lending markets.
According to Ethena Labs, approximately $750 million worth of existing stablecoins on Jupiter’s platform will be gradually replaced with JupUSD. This shift will consolidate the platform’s liquidity under a single, natively integrated stablecoin.
With $3.58 billion in total value locked (TVL) as of October 2025 (DeFiLlama data), Jupiter stands as Solana’s largest DeFi protocol, underscoring the scale of its upcoming stablecoin rollout.
Development of JupUSD stablecoin smart contracts is currently underway, with multiple security audits scheduled before its official release. Ethena Labs confirmed the partnership through a social media announcement, emphasizing that the launch aligns with the growing adoption of white-label stablecoin infrastructure.
Ethena’s existing stablecoins, USDe ($14.8B) and USDtb ($1.8B) serve as the foundation for this model. Similar partnerships have been seen across the industry: SUI Group plans to launch suiUSDe on the Sui blockchain, while the State of North Dakota is developing Roughrider Coin in collaboration with Fiserv.
The total stablecoin market now exceeds $300 billion, signaling a rapidly expanding sector. By introducing the JupUSD stablecoin, Jupiter joins a growing list of blockchain platforms positioning themselves at the intersection of DeFi innovation and institutional-grade collateralization.
