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>>Solana is partnering with Ethena Labs to develop JupUSD, a new stablecoin, potentially used as collateral within the Solana ecosystem.

Solana is partnering with Ethena Labs to develop JupUSD, a new stablecoin, potentially used as collateral within the Solana ecosystem.

crypthub

3 days ago

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Introduction to JupUSD

Jupiter, in partnership with Ethena Labs, is launching JupUSD, a dollar-pegged stablecoin scheduled for mid-Q4 2025. The token will be fully collateralized by Ethena Labs' USDtb at launch, creating a native on-chain USD backbone for the Jupiter ecosystem. This collaboration aims to streamline USD operations and reduce reliance on external stablecoins. The integration will affect Jupiter Perps, lending pools, and swap pairs.

Key Features and Collateralization

JupUSD will be introduced through a phased rollout, initially 100% collateralized by USDtb, with plans to incorporate USDe over time to optimize yields. Approximately $750 million in existing stablecoin liquidity will be gradually replaced by JupUSD to minimize disruption. This implementation leverages Ethena Labs’ white-label stablecoin-as-a-service framework for efficient stablecoin issuance. The combined market capitalization of USDe and USDtb currently stands at roughly $16.6 billion.

Integration and Benefits

The stablecoin will first be deployed as collateral in Jupiter Perps, then utilized in lending pools, and finally listed as a trading pair across Jupiter products. This integration is expected to improve capital efficiency and facilitate a more controlled USD environment within the Jupiter platform. Ethena's technology allows Jupiter to swiftly leverage USDtb’s existing Treasury backing.

Timeline and Future Outlook

The official launch of JupUSD is slated for mid-Q4 2025, marking a key step in Jupiter's development. Users and liquidity providers are encouraged to anticipate the migration process and potential adjustments to pool compositions. This move positions Jupiter to manage its USD liquidity and strengthen its ecosystem. ```