Jupiter, the leading decentralized exchange (DEX) on the Solana network, announced the launch of its own stablecoin JupUSD in partnership with Ethena Labs.
The asset will be brought to market in the fourth quarter of 2025 and will be natively integrated with all products within the Jupiter ecosystem.
Depending on the platform, JupUSD can be used as collateral for Jupiter Perps, provide liquidity for Jupiter Lend, and be utilized for operations in Swap, Pro, and mobile applications. Additionally, it is planned to be integrated into future developments of the protocol.
The Jupiter team specified that initially the stablecoin will be 100% backed by USDtb, a synthetic stablecoin from Ethena Labs. Next, We plan to incorporate USDe as collateral to optimize user earnings.
USDe is currently the third largest stablecoin on the market with a capitalization of 14.6 billion. It is also the 13th most valuable crypto asset.
Ethena Labs, Development Partner; Other projects have issued over $16 billion in stablecoins.. His technical expertise supports the construction of native contracts at Solana. This is in development and is expected to begin upon completion of an independent audit in mid-fourth quarter.
Stablecoins, a rapidly growing market
In this way, JupUSD joins the more than 50 stablecoins already existing on the Solana network, with a total value of more than $15 billion, as shown in the image below.
The announcement comes against the backdrop of changes in the stablecoin market. More and more protocols and platforms are issuing their own stable tokens as a mechanism to maintain liquidity and strengthen the ecosystem.
The dominance of major stablecoins Tether (USDT) and USD Coin (USDC) on exchanges could decline over the next two years due to the entry of new alternative currencies, CriptoNoticias reported, according to analyst Nick Carter, co-founder of CoinMetrics.
