Jupiter and Ethena Unveil JupUSD, a New Stablecoin Powering Solana’s Leading DEX

Ethena Labs and Jupiter are teaming up to build a native stablecoin for the Jupiter Exchange, and they announced the move in a straightforward tweet: “Introducing JupUSD: the native stablecoin of the Jupiter Exchange ecosystem built on Ethena’s Stablecoin-as-a-Service stack.” The new token, called JupUSD, is being designed to thread through the heartbeat of Jupiter’s stack, from perpetuals to lending, and the teams say it should be live in the coming months.

At the center of the plan is a gradual migration of stablecoin liquidity inside Jupiter Perps. Ethena and Jupiter say roughly $750 million worth of stablecoins currently sitting in the JLP will be replaced over time by JupUSD, giving the exchange a native dollar asset to power trading and settlement. Jupiter Lend will also use JupUSD as a core lending asset, a move that would tighten integration across trading and lending functions on Solana if the rollout goes as outlined.

Notable Development

For now, JupUSD will be backed by USDtb, a token the announcement links closely to BlackRock’s BUIDL fund, though Ethena left open the possibility that backing could later include USDe, its broader synthetic dollar. Ethena stressed that JupUSD is being produced through its whitelabel Stablecoin-as-a-Service product line, the same program that has already placed stablecoins with several Tier-1 protocols and chains.

The partnership is a notable bet for both sides: Jupiter gains a purpose-built stablecoin that could streamline liquidity and reduce reliance on external USD tokens, while Ethena expands its footprint on Solana by embedding its technology into one of the chain’s most prominent DeFi stacks. How smoothly liquidity migrates, how the backing mechanics are documented, and how redemption and custody are handled will be the key details market participants watch as the project moves from announcement to launch.

More information will be posted at jupusd.money as development progresses. In the meantime, traders and liquidity providers will be parsing the technical docs and monitoring the migration plan closely, because replacing hundreds of millions in stable liquidity, even gradually, is both strategically bold and operationally complex.