Jupiter, a leading decentralized exchange on Solana, has teamed up with Ethena Labs to launch JupUSD, a new stablecoin designed for cross-platform use within Jupiter’s ecosystem.
The token, set to debut in mid–Q4 2025, will act as collateral for perpetual trading, liquidity in lending pools, and a base trading pair across Jupiter’s products.
JupUSD will initially be 100% collateralized by USDtb, Ethena Labs’ Treasury-backed dollar token, before integrating USDe, its synthetic dollar, to optimize yield opportunities.
Ethena Labs confirmed the project in an X post, stating it’s being built using its white-label stablecoin-as-a-service technology. This framework enables partners to issue branded stablecoins using Ethena’s infrastructure.
Around $750 million in existing stablecoins on Jupiter’s liquidity pools will gradually transition to JupUSD, establishing it as the main collateral asset.
According to DefiLlama, Ethena’s stablecoins—USDe and USDtb—currently have market caps of $14.8 billion and $1.8 billion, respectively.
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