Ethena Partners with Jupiter to Launch JupUSD: Native Stablecoin Boosting Solana DeFi

Ethena Labs, the issuer of the decentralized stablecoin USDe ($14.8 billion USD), has just partnered with the Jupiter exchange to launch JupUSD, a new native stablecoin on Solana. JupUSD is expected to launch in Q4/2025, with plans to convert $750 million USD $USDC from the liquidity pool of Jupiter to JupUSD.

Collateral Mechanism and Strategic Vision

#JupUSD is considered the first native stablecoin of Solana developed by Ethena and Jupiter, aimed at strengthening Solana's position in the stablecoin race after the GENIUS Act was signed into law in the US. In the initial phase, JupUSD will be 100% backed by USDtb (a stablecoin compliant with the GENIUS Act, investing in BlackRock's BUIDL fund), before gradually transitioning to a backing mechanism using USDe. This ensures a transparent and compliant collateral source.

Integrating JupUSD deeply into the entire Jupiter ecosystem will help reduce Solana's dependence on centrally issued stablecoins (USDC, USDT). Ethena, with its success on Ethereum, is implementing a multi-chain expansion strategy into Solana, which currently accounts for only about 9.3% of the total global stablecoin supply.

Jupiter co-founder Siong Ong believes the stablecoin sector will grow 10 to 100 times in the coming years, and JupUSD is the key for Jupiter to lead this wave, turning Solana into a true counterpart to Ethereum. #anh_ba_cong