Jupiter, the Solana-based decentralized exchange aggregator, announced on Oct. 8, that it will launch its own native stablecoin, JupUSD, in partnership with Ethena Labs.
The new token will serve as the core liquidity and collateral asset across the entire Jupiter ecosystem, including its perpetual futures, lending, and spot trading platforms. According to Jupiter, JupUSD is slated to go live in the fourth quarter of 2025, pending multiple security audits of its Solana-native mint-and-redeem contracts.
JupUSD will be initially backed 100% by USDtb, a stablecoin nearly fully collateralized by BlackRock’s BUIDL fund, before incorporating USDe, Ethena’s delta-neutral stablecoin, to optimize yield for holders. The partnership extends Ethena’s Stablecoin-as-a-Service model, which allows protocols to create bespoke digital dollars using its infrastructure.
Ethena, which has issued over $16 billion in stablecoins to date, positions JupUSD alongside other ecosystem-native assets such as Frax’s USDe integrations and MegaETH’s USDm.
The collaboration mimics a growing trend among major DeFi protocols toward self-issued stablecoins to retain liquidity and fee revenue internally — a path also taken by Aave’s GHO and Curve’s crvUSD.
This is a developing story.
This article was generated with the assistance of AI and reviewed by editor Jeffrey Albus before publication.
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Source: https://blockworks.co/news/jupiter-jupusd-stablecoin