Ethena Labs and Jupiter Exchange Unite to Power Solana with JupUSD

Ethena Labs and Jupiter Exchange launch JupUSD to replace $750 million in existing stablecoins across Solana’s DeFi system.

The stablecoin will be backed by USDTb tied to BlackRock’s BUIDL fund, connecting tokenized assets with decentralized finance.

Ethena plans to expand its Stablecoin-as-a-Service model, aiming for $50 billion in supply and deeper institutional integration.

Ethena Labs has entered a partnership with Jupiter Exchange to launch JupUSD, a stablecoin designed to strengthen Solana’s decentralized finance ecosystem. The collaboration introduces a native stable asset that will power all of Jupiter’s trading and lending operations. Ethena confirmed that JupUSD will function as the central stablecoin for the platform and integrate into every major component of its DeFi infrastructure.

JupUSD will initially replace around $750 million worth of stablecoins currently operating inside the Jupiter Liquidity Pool. The asset will also become the core lending token within Jupiter Lend, expanding its reach across multiple Solana-based products. Ethena stated that this integration aims to create greater efficiency in liquidity management while supporting a unified stablecoin framework across Jupiter’s ecosystem.

Backed by Tokenized U.S. Treasuries

At the launch stage, JupUSD will be backed by USDTb, a token that is nearly fully supported by BlackRock’s BUIDL fund. This structure connects regulated financial instruments with decentralized platforms, marking a significant step toward bridging traditional finance with blockchain-based systems. Ethena said the asset will diversify its reserves over time by introducing USDe, its own synthetic dollar, to strengthen the stablecoin’s composition and stability.

The development of JupUSD is part of Ethena’s broader strategy to expand its Stablecoin-as-a-Service program. This initiative enables blockchain projects to issue their own fully backed stablecoins while maintaining full integration with institutional-grade reserves. Ethena noted that the partnership with Jupiter represents a growing shift among major protocols toward native, purpose-built stable assets that support specific DeFi ecosystems rather than relying on third-party issuers.

Market Position and Long-Term Outlook

Ethena’s founder, Guy Swann, revealed that the company’s stablecoin products currently represent nearly five percent of the global stablecoin supply. He added that Ethena expects this figure to surpass $50 billion within the next two years. A representative from Jupiter highlighted that the collaboration aligns with its mission to expand decentralized finance accessibility worldwide, underscoring the essential role stablecoins play in global adoption.

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