Ethena and Jupiter Convert $750M for JupUSD Launch on Solana

• Ethena Labs and Jupiter unveil JupUSD, a stablecoin native to Solana.
• $750M USDC liquidated to position the stablecoin at the center of Jupiter’s DeFi network.

On October 8, 2025, The Block reported that Ethena Labs partnered with Jupiter to introduce JupUSD, a Solana-native stablecoin slated for a Q4 2025 launch. As part of the initiative, Jupiter will convert $750 million of USDC from its Liquidity Provider Pool into JupUSD, positioning the token as a cornerstone of its DeFi ecosystem.

At launch, JupUSD will be backed entirely by USDtb, a stablecoin primarily anchored in BlackRock’s tokenized USD Institutional Digital Liquidity Fund. Future plans, however, may see a transition to Ethena’s synthetic US dollar, USDe, as its foundational backing.

Integration across Jupiter’s DeFi framework establishes JupUSD as a versatile financial instrument. It will serve as collateral on Jupiter’s decentralized perpetuals exchange, enable trading interfaces, provide pairing liquidity on the Meteora DEX, and act as a liquidity mechanism for Jupiter Lend, thereby embedding it deeply into their decentralized financial architecture.

For Ethena Labs, this partnership represents a strategic move to diversify its influence on the Solana blockchain. For Jupiter, JupUSD’s rollout amplifies its DeFi product offerings and reinforces its role as an all-encompassing digital finance platform.

As of October 8, 2025, 15:13 UTC, CoinMarketCap reports Jupiter (JUP) trading at $0.448 with a 24-hour volume shift of -0.105%. Simultaneously, Solana (SOL) stands at $220.772 with a -1.237% change in volume. Ethena USDe (USDe) maintains parity at $1.00, reflecting a marginal 0.008% gain over the same period.