💵 Solana just got its own Dollar — meet JupUSD

Jupiter x Ethena: Solana gets its own Dollar

Solana is getting its own native stablecoin.

Jupiter, the largest DeFi aggregator on the network, is collaborating with Ethena Labs, the creator of $14.8 billion in synthetic dollars (USDe), to develop JupUSD – a Solana-based stablecoin designed to anchor on-chain liquidity and enhance Solana’s rapidly-scaling DeFi universe.

Jupiter plans to launch JupUSD in Q4 2025 by converting $750 million worth of USDC from their liquidity pools into JupUSD, thereby bootstrapping deep liquidity across Solana.

How JupUSD works

Upon release, JupUSD will be fully collateralized by USDtb, a USD-pegged stablecoin brought to you in collaboration with Anchorage Digital.

JupUSD will be backed by USDtb, a USD-pegged stablecoin, which is supported by real-world asset (RWA) collateralization, combining the flexibility of DeFi with the security of traditional finance.

Later, Jupiter may migrate to USDe backing, Ethena’s flagship delta-hedged synthetic dollar that employs staked crypto and derivatives to remain pegged to the U.S. dollar – the largest decentralized stablecoin by supply at present.

The big picture

JupUSD will be incorporated across all of Jupiter’s product suite – from its perpetuals DEX to Jupiter Lend and Meteora pools. It will serve as the backbone of Solana’s liquidity layer.

For Ethena, it’s another step in its whitelabel stablecoin program, which already provides custom stablecoins for Sui Network and MegaETH.

Currently, Ethereum holds 90.73% of the stablecoin supply compared to Solana's 9.27%. Analysts suggest that JupUSD could help close this gap, becoming more essential as institutional DeFi inflows increase and Solana establishes itself as a fast, low-fee settlement layer.

Institutional angle

Ethena’s investors now include top-tier funds like Binance Labs, Dragonfly, Fidelity, and Franklin Templeton, who are betting that regulated, RWA-backed stablecoins will be paramount during the next cycle.

Why it matters

JupUSD isn’t just another stablecoin; it represents Solana’s strategic move towards achieving monetary sovereignty by providing a native, compliant, and efficient on-chain dollar.

Now that the Fed is signaling more rate cuts and tokenized treasuries are taking off, this launch perfectly positions Solana in the global race to build on-chain dollars that combine compliance, yield, and speed.

If it works, JupUSD may become Solana’s “on-chain USDC” and Ethena’s model the template for the next wave of DeFi-native money.

Gold just set a record and so did its blockchain version.

The market value of tokenized gold has since soared to more than $3 billion, following the metal’s record-breaking run past $4,100 an ounce, its biggest gain through this point in a year in over 45 years.

Gold-backed cryptocurrencies like Tether Gold (XAUT) and Paxos Gold (PAXG) have surged in circulation this year, with wallet holders increasing 53% while supply has risen more than 50%, according to rwa.xyz.

💰 The debasement trade

They call it the “debasement trade”, investors seeking covetous hold against inflation and rising fiscal risks by loading up, instead, on scarce, non sovereign assets.

Gold, which rose 54 percent YTD yet underperformed Bitcoin at 31%, serves as a hedge as fiat currencies stagger under debt and deficits. “Gold is set for its strongest year since 1979,” said Tom Bailey of HANetf, as investors fled fiat and governments overspent.

🪙 Real-World Assets go on-chain

Each new record high is orchestrating traditional investors onto tokenized assets, indistinguishably combining stability with liquidity. “Gold, and other real world assets are starting to become the backbone in on-chain finance,” said Timo Lehes, co-founder of Swarm.

DeFi platforms currently allow for investors to lend, borrow and earn yield on gold, activities no physical bar can perform.

Still, early days: gold ETFs still have $461B in AUM while tokenized gold has a meager $3B. But if the trend continues, it might just be that the next bull run in gold isn’t held — but locked up on-chain.

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