Jupiter and Ethena Launch JupUSD: A New Stablecoin Backbone for the Solana "Superapp"

Jupiter, the prominent Solana-based infrastructure provider, has officially entered the stablecoin arena with the launch of JupUSD. Developed in partnership with Ethena Labs this native stablecoin is designed to act as the primary liquidity engine for Jupiter’s rapidly growing "superapp" ecosystem.

Core Integration and Utility

JupUSD is built for immediate, deep integration across the entire Jupiter suite. It will serve as the standard unit of account for:

• Trading: Supporting spot, perpetuals (perps), and limit orders.
• Financial Services: Powering lending protocols and dollar-cost averaging (DCA) tools.
• Ecosystem Features: Facilitating token creation, staking, and settlement within prediction markets.

To kickstart liquidity, Jupiter is implementing a phased transition that will see roughly $500 million in USDC from the Jupiter Liquidity Pool (JLP) converted into JupUSD, effectively unifying dollar liquidity across the platform.

Backing and Reserve Management

The stability of JupUSD relies on a multi-layered collateral strategy managed by Ethena:

• Initial Reserves: 90% of the backing is held in USDtb, Ethena’s stablecoin which is itself supported by BlackRock’s tokenized BUIDL fund. The remainder is held in USDC.
• Future Expansion: Plans are already in place to eventually incorporate Ethena’s USDe as a backing asset.
• Secondary Liquidity: To ensure robust trading outside of Jupiter, secondary liquidity pools will be supported on other Solana aggregators like Meteora.

A New B2B Model for Ethena

This launch is a milestone for Ethena Labs, serving as the first major deployment of its B2B whitelabel service. This service allows large-scale blockchain applications to launch their own branded stablecoins using Ethena’s existing collateral infrastructure.

According to Ethena co-founder Guy Young, this move not only marks their expansion into the Solana ecosystem but also empowers Jupiter to retain and capture significantly more economic value within its own network.

January 2026, Cryptoniteuae