Solana's Jupiter to Develop JupUSD Stablecoin With Backing From Ethena Labs

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Solana-based decentralized exchange Jupiter is rolling out its own stablecoin, JupUSD, by the end of the year.

The coin will be native to Solana and tightly integrated across Jupiter’s ecosystem, including its perpetuals platform, lending markets, and trading interfaces, the DEX shared on X on Wednesday.

JupUSD is being developed in partnership with Ethana Labs, known for minting over $16 billion in stablecoins through their project.

The stablecoin will be fully collateralized by Ethana Labs’ USDtb, a stablecoin that’s backed by treasury funds including BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL).

The team plans to add USDe as a secondary backing asset, aiming to boost yield potential.

Smart contracts that allow minting and redemption of JupUSD are being built, Jupiter said, with multiple audits expected ahead of the launch.

Jupiter, a Solana-based decentralized exchange aggregator that has since expanded its offerings, currently has $3.58 billion in total value locked according to DeFiLlama, making it the leading protocol on Solana.