Jupiter, a top Decentralized Finance (DeFi) aggregator on Solana, is collaborating with Ethena Labs, the issuer of the USDe synthetic dollar, to introduce JupUSD—a Solana-native stablecoin designed to significantly boost the ecosystem's liquidity and expand its stablecoin market. The launch is scheduled for the fourth quarter of 2025.
Jupiter co-founder Siong Ong believes the stablecoin sector is poised for a "10–100x" expansion, and JupUSD is intended to keep Jupiter at the center of the DeFi ecosystem. Jupiter plans to embed JupUSD across its entire product suite, using it as collateral for its decentralized perpetual exchange, a base trading stablecoin, a liquidity hub for Jupiter Lend, and a pairing token on partners like Meteora.
For Ethena Labs, JupUSD is the latest addition to its whitelabel stablecoin program, which allows other platforms (like Sui Network and MegaETH) to issue branded stable assets using Ethena's infrastructure. Ethena’s model has attracted significant institutional support, evidenced by backers like Binance Labs, Fidelity, and Dragonfly.
Analysts suggest that a native, credibly-backed stablecoin could help Solana close the gap with Ethereum, whose stablecoin supply is currently far larger than Solana’s 9.27% share.
October 2025, Cryptoniteuae