Jupiter To ‘Progressively Convert’ $750 Million USDC Into New Solana Stablecoin JupUSD In Partnership With Ethena Labs

Ethena Labs (ENA) said Wednesday it is partnering with Jupiter (JUP) to launch JupUSD, a Solana (SOL)-based stablecoin that will serve as the native dollar-pegged asset across the Jupiter ecosystem.

As part of the partnership, Jupiter plans to “progressively convert” roughly $750 million of USDC from its Liquidity Provider Pool into JupUSD. The token is scheduled to launch in the fourth quarter.

ENA’s price rose 2.3% in the last 24 hours. However, on Stocktwits, retail sentiment around the cryptocurrency remained in ‘bearish’ territory over the past day. Meanwhile, JUP’s price edged 0.5% higher in the last 24 hours, with retail sentiment also trending in ‘bearish’ territory.

The move also marks an expansion for Ethena on Solana, and could potentially unlock Solana's stablecoin market. Solana’s price moved 2.1% higher in the last 24 hours, trading at around $227 at the time of writing. Retail sentiment around the altcoin on Stocktwits was in ‘bullish’ territory. Ethena has previously launched its own native stablecoin, USDe on Solana as well.

“JupUSD marks the latest addition to Ethena’s Whitelabel product lineup, which is already powering stablecoin partnerships with industry leaders such as SUI and MegaETH,” said Ethena founder Guy Young. Ethena had announced last week that it would be partnering with Sui (SUI) and the SUI Group (SUIG) to launch suiUSDe, a Sui-native synthetic dollar token.

Ethena said JupUSD will be integrated into key areas of the Jupiter ecosystem, including Jupiter Perps, where the $750 million in stablecoins inside its liquidity pool will gradually be replaced by JupUSD. It would also be integrated into Jupiter Lend, where it will serve as the network’s primary lending asset.

Read also: BNB Hits Record $1,330 While Bitcoin, Ethereum Retreat Amid $650 Million Liquidations

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