Jupiter and Ethena to Launch Solana Stablecoin JupUSD

Jupiter and Ethena to Launch Solana Stablecoin JupUSD in Q4 2025

Written by Aaron S.,

Editor-In-Chief

Last Updated: October 09, 2025

Key Takeaways

Jupiter and Ethena Labs are launching JupUSD, a dollar-backed token on Solana, expected to go live in the second half of Q4 2025;
JupUSD will be used across Jupiter’s platform, as collateral, in lending pools, and for trading pairs, to unify its stablecoin usage;
JupUSD will later include USDe to boost yield, which will replace $750 million in stablecoins on Jupiter Perps.

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A new stablecoin is set to join the Solana SOL $185.71 blockchain through a collaboration between Jupiter JUP $0.4008 , a decentralized exchange (DEX), and Ethena Labs, a developer of stablecoin infrastructure.

The upcoming token, JupUSD, is expected to become available in the second half of Q4 2025, according to a post on X by Jupiter. Once released, it will be used throughout the Jupiter platform.

It will act as collateral in Jupiter’s perpetual trading platform, be available in its lending markets, and be used in various trading pairs.

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This integration aims to improve consistency across Jupiter’s financial products by introducing a single, stable unit.

The value of JupUSD will be fully backed by USDtb, a dollar-based token issued by Ethena Labs and supported by short-term US Treasury holdings. To improve returns for users over time, Ethena’s other stablecoin product, USDe, will also be added as part of the collateral base.

Ethena Labs has confirmed that the token will be built using its white-label stablecoin platform. This system allows other companies to issue their own stablecoins using Ethena’s infrastructure and reserve management systems.

Jupiter will rely on this setup to launch JupUSD without having to build its own backend operations.

JupUSD will also take over as the main collateral on Jupiter Perps, the platform’s futures market. Jupiter plans to slowly replace around $750 million in currently used stablecoins within its liquidity pool with JupUSD.

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