Jupiter, a DeFi aggregator built on Solana, is working with Ethena Labs to roll out its own stablecoin called JupUSD. The launch is scheduled for the fourth quarter of 2025, and it is not being treated like a side feature. Jupiter plans to make JupUSD a core part of how its platform works, tying it into everything from swaps and lending to perps trading and beyond.

What’s Holding It Together on Day One

At launch, JupUSD will be backed entirely by USDtb, a stablecoin that is itself tied to short-term U.S. Treasuries. This gives it a clean, traditional kind of collateral to start with. Later on, Ethena’s other stablecoin, USDe, will be added to the mix.

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

That will introduce more flexibility and allow for some yield optimization, but it also means extra moving parts. Instead of building a stablecoin system from scratch, Jupiter is leaning on Ethena to provide the engine behind the scenes.

JupUSD Will Power More Than Just Payments

This new stablecoin is not being built just for holding or simple transfers. Jupiter wants it to function as a base layer for the entire platform. It’s expected to become collateral for lending, fuel for perpetual futures, and a core trading pair inside Jupiter’s own swap tools.

The goal is to rely less on outside stablecoins and instead build something fully integrated into the platform’s own liquidity engine.

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Launching a Stablecoin Isn’t a Walk in the Park

Creating something like JupUSD is a big technical and operational task. There are contracts to deploy on Solana, and they will need to be audited for security before anything goes live. Even then, peg stability has to be monitored constantly, especially once USDe enters the picture.

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The more complex the collateral structure becomes, the more chances there are for things to slip or misfire, and that kind of risk could shake user confidence.

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Liquidity Could Shift Fast if It Catches On

If the rollout goes well, JupUSD could start replacing some of the $750 million already sitting in Jupiter’s existing stablecoin pools. That would be a big reshuffle for Solana’s DeFi landscape.

Not only would it change which stablecoins dominate the ecosystem, but it would also push Ethena’s infrastructure into a more central role across multiple platforms, since they are providing the tools that make JupUSD possible in the first place.

Bigger Picture Behind the Move

This entire plan reflects a growing trend among DeFi platforms to stop depending on outside money systems. Instead of building on top of someone else’s stablecoin, Jupiter is trying to own the whole stack. That way, fees stay in-house, liquidity stays put, and the entire user experience becomes more controlled and customized.

If JupUSD succeeds, it could set a precedent for other projects to do the same. But it also means a bigger spotlight on how Jupiter handles governance, risk, and transparency. As more stablecoins launch, only those with strong internal systems will be able to weather market turbulence and user expectations.

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