Solana’s Jupiter Plans JupUSD Stablecoin With Ethena Labs, May Serve as Ecosystem Collateral

JupUSD is Jupiter's new dollar-pegged stablecoin built with Ethena Labs and scheduled for mid-Q4 2025. It will be 100% collateralized by Ethena's USDtb and integrated across Jupiter products as collateral, liquidity and a native trading pair to streamline on-chain USD operations. * JupUSD will be 100% collateralized by Ethena Labs' USDtb at launch * Integration across Jupiter Perps, lending pools and swap pairs with phased replacement of existing stablecoins * Ethena's white-label stack and market data show USDtb/USDe combined market cap of $16.6B

Solana's leading DEX aggregator Jupiter is launching JupUSD to serve as the backbone of its ecosystem in partnership with Ethena Labs.
Jupiter, a decentralized trading platform on Solana, has announced plans to launch its stablecoin in partnership with Ethena Labs. The new token, called JupUSD, is scheduled to go live in mid-Q4 2025 and will be integrated across Jupiter products.

What is JupUSD?

JupUSD is a dollar-pegged stablecoin issued for the Jupiter ecosystem, initially 100% collateralized by Ethena Labs' USDtb. It will function as primary collateral on Jupiter Perps, a liquidity asset in lending pools, and a native trading pair across Jupiter products to improve capital efficiency.

How will JupUSD be integrated across Jupiter products?

JupUSD will be staged into three primary uses. First, it will replace stablecoins in Jupiter Perps as primary collateral. Second, JupUSD will act as a liquidity asset in lending pools. Third, Jupiter will list JupUSD as a trading pair across swaps and aggregator routes. Jupiter reported an existing stablecoin liquidity pool of about $750 million that will be gradually replaced by JupUSD. Ethena will add USDe over time to optimize yield mechanics and collateral composition.

!Solana's Jupiter Plans JupUSD Stablecoin With Ethena Labs, May Serve as Ecosystem Collateral 1

Why is Ethena Labs the technical partner for JupUSD?

Ethena Labs provides a white-label stablecoin-as-a-service framework that enables branded stablecoin issuance with collateral and risk management built in. Ethena's native tokens USDe and USDtb combine synthetic and Treasury-backed collateral models, allowing Jupiter to leverage USDtb's short-term Treasury backing immediately. Market data puts USDe and USDtb combined market cap near $16.6 billion at this writing (USDe $14.8B, USDtb $1.8B).

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Frequently Asked Questions

When will JupUSD launch?

JupUSD is scheduled to go live in mid-Q4 2025. Jupiter confirmed the timeline in a platform announcement and Ethena Labs reiterated the mid-Q4 target in its statement.

Is JupUSD fully collateralized?

Yes. At launch, JupUSD will be 100% collateralized by Ethena Labs' USDtb, a Treasury-backed dollar token. Ethena plans to add USDe over time to optimize yield and collateral efficiency.

Will JupUSD replace other stablecoins immediately?

No. Jupiter will phase JupUSD into existing liquidity. Approximately $750 million in stablecoins held in Jupiter's liquidity pool will be gradually replaced by JupUSD to limit market disruption.

Key Takeaways

• JupUSD launch: JupUSD is a Jupiter native stablecoin built with Ethena Labs and expected mid-Q4 2025.
• Collateral model: 100% USDtb backing at launch; USDe to be added later for yield optimization.
• User impact: Phased migration of ~$750M in stablecoin liquidity; improved capital efficiency for Perps and lending.

Conclusion

JupUSD positions Jupiter to control on-platform USD liquidity and reduce dependency on third-party stablecoins. Built with Ethena Labs' white-label infrastructure, JupUSD aims to be fully collateralized by USDtb at launch and integrated across Perps, lending and swaps. Watch for the mid-Q4 2025 rollout and phased liquidity transition; wallet and liquidity providers should prepare for migration steps and updated pool compositions.