Ethena Labs, Jupiter Partner to Launch JupUSD Stablecoin on Solana

Ethena Labs, a decentralized protocol, and Jupiter, a decentralized exchange (DEX) aggregator built on the Solana blockchain, announced the upcoming launch of JupUSD, a Solana-native stablecoin backed by USDtb.

JupUSD is currently under development and is slated to launch towards the end of 2025 or beginning of 2026. According to a post on X from Ethena Labs, it “is expected to be live in the coming months,” and will join Ethena’s whitelabel stablecoin-as-a-service product line.

Introducing JupUSD: the native stablecoin of the @JupiterExchange ecosystem built on Ethena's Stablecoin-as-a-Service stack.

JupUSD will plug into every major part of the Jupiter stack, including:

– Jupiter Perps: where the ~$750m in stablecoins inside of JLP will gradually be… pic.twitter.com/jlNLc2eNCz

— Ethena Labs (@ethena_labs) October 8, 2025

Reducing Friction as Stablecoin Options Expand

The crypto community on X were largely positive toward the announcement with many responding that they were “bullish” on the news and others praising the partnership for its efforts to reduce friction between blockchains.

In a YouTube video announcing the partnership, executives from Jupiter and Ethena Labs discussed the launch of JupUSD and predicted massive growth for the stablecoin market over the next year.

In the video, Guy Young, CEO of Ethena Labs, states that “stablecoins are one of the best businesses you can have in DeFi” and says the goal of the partnership, beyond just doing good business, is to make “the rest of the Jupiter product suite even stronger.”

Stablecoins Continue to Gain Popularity

Stablecoins have become increasingly popular throughout 2025. Pro-stablecoin legislation such as the GENIUS Act in the US paving the path toward increasing institutional and individual adoption.

As Coinspeaker reported on Sept. 19, Ethena’s synthetic stablecoin, USDe, recently surpassed $14 billion in market capitalization. It currently has a market cap of $14.95 billion as of the time of this article’s publication, according to data from DefiLlama.

Meanwhile, on Oct. 3, the total market capitalization of stablecoins surpassed $300 billion for the first time reaching $313.6 billion as of Oct. 8.

Ethena’s USDe accounts for approximately 5% of the total stablecoin cap. Tether’s USDT makes up approximately 58% with a cap of $178 billion and USDC contributes about 25% with $75 billion.

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