The token, expected to debut in the fourth quarter of 2025, will be backed 1:1 by USDtb, a regulated stablecoin that invests in BlackRock’s tokenized BUIDL fund. Over time, it may shift to USDe-based collateral, combining traditional backing with crypto-native mechanisms.
Jupiter plans to convert $750 million in USDC from its liquidity pools into JupUSD to accelerate adoption. Once live, the new stablecoin will be integrated across Jupiter’s trading, lending, and mobile applications, becoming a key liquidity asset for Meteora, Jupiter Lend, and future DeFi products.
For Ethena, the partnership marks another step in its multi-chain expansion, following its stablecoin collaborations with SUI and MegaETH. Founder Guy Young called JupUSD part of Ethena’s “Whitelabel” initiative to power network-specific dollar tokens.
Jupiter’s co‑founder Siong Ong said stablecoins remain “crypto’s clearest product‑market fit,” and JupUSD aims to position Solana at the centre of the next phase of DeFi growth.
With over $14.8 billion already locked in Ethena’s USDe and strong investor backing from Binance Labs, Fidelity, and Franklin Templeton, the addition of JupUSD could bring fresh liquidity to Solana and help close the gap with Ethereum’s dominant stablecoin market.
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