Ethena Labs in collaboration with Jupiter has announced preparations for the launch of a new stablecoin, JupUSD, which will be backed by the US dollar and will become part of the Solana ecosystem. The launch is scheduled for the fourth quarter of 2025 and aims to strengthen the positions of both companies in the decentralized finance segment.
This is reported by Finway
JupUSD: Features and Role in DeFi
As part of the partnership, Jupiter plans to convert approximately 750 million USDC from its liquidity pool into the new JupUSD token, which will provide significant support for the new asset right from the start. JupUSD will be integrated into key Jupiter services, including being used as the primary trading stablecoin on the Jupiter Mobile platform, serving as a bridge token on the decentralized exchange Meteora, and being utilized in all future products of the exchange.
JupUSD will also be part of Ethena Labs’ Whitelabel offerings, which already include the stablecoins USDe and USDtb. As noted by Ethena Labs’ CEO Guy Yang, the launch of JupUSD will deepen the company’s presence in the rapidly developing Solana ecosystem focused on decentralized stablecoins.
Backing and Development Prospects
Initially, JupUSD will be fully backed by the USDtb stablecoin, which Ethena Labs created in collaboration with Anchorage Digital—a company that invests in tokenized liquidity funds from BlackRock. In the future, there are plans for a potential transition to backing JupUSD with the decentralized asset USDe, which has a market supply exceeding 14.8 billion US dollars.
Jupiter co-founder Siong Ong emphasized the importance of stablecoins for the development of the DeFi industry:
“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.
According to experts, Solana’s share of the stablecoin market currently does not exceed 10% of Ethereum’s volume. Meanwhile, large-scale initiatives from projects like Jupiter and Ethena could change this ratio in the coming quarters, strengthening Solana’s position as a platform for issuing digital dollars.
It was previously reported that the company StablecoinX raised 530 million dollars to buy back Ethena tokens and go public on Nasdaq.