Solana-based decentralized exchange Jupiter launched JupUSD, a native stablecoin built with Ethena (ENA) Labs.
The dollar-pegged asset is backed primarily by USDtb, which holds reserves in BlackRock's tokenized treasury fund.
Jupiter plans to convert approximately $500 million of USDC from its perpetuals liquidity pool into JupUSD.
What Happened
JupUSD operates as an Ethena whitelabel stablecoin backed by the dollar-pegged USDtb and USDC.
USDtb itself holds collateral in BlackRock's USD Institutional Digital Liquidity Fund.
Ethena manages day-to-day reserve operations with published capacity limits.
The stablecoin integrates across Jupiter's expanding product suite including perps trading, lending, limit orders, and mobile applications.
Jupiter COO Kash Dhanda stated the stablecoin represents a critical component for serving users through decentralized finance infrastructure.
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Why It Matters
The launch marks a significant deployment for Ethena's business-to-business whitelabel stablecoin service.
Ethena co-founder Guy Young characterized JupUSD as the firm's "next major foray onto Solana" as the platform expands beyond Ethereum.
Jupiter has evolved from a DEX aggregator into what it characterizes as a "superapp" spanning trading, lending, and token creation.
The integration allows Jupiter to retain stablecoin economics internally rather than relying on external assets like USDC.
Ethena stated the model enables protocols to make products more efficient and increase value returned to ecosystems.
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