Jupiter Exchange, a leading decentralized exchange aggregator on Solana, announced the upcoming launch of its native stablecoin, JupUSD. The stablecoin is being built using Ethena's Stablecoin-as-a-Service infrastructure, marking a significant partnership between the two DeFi entities.

The strategic goal is to embed JupUSD across the entire Jupiter platform, starting with its perpetuals exchange. The team plans to gradually convert the approximately $750 million in stablecoins currently held in its JLP liquidity pool into JupUSD, aiming to enhance capital efficiency and deepen native liquidity.

Initially, JupUSD's backing will come from USDtb, a token collateralized almost entirely by BlackRock's BUIDL fund, lending institutional credibility to the asset. The architecture allows for future inclusion of Ethena's own synthetic dollar, USDe, as a backing asset. The stablecoin is currently in development and is expected to launch in the coming months.

This collaboration signals a growing trend of established DeFi protocols launching bespoke stablecoins to create self-sufficient ecosystems. For Ethena, it represents a key validation of its white-label service model, which allows other protocols and chains to deploy stablecoins using its core infrastructure.