JupUSD Project Update

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Biggest Stories of 2025

• JupUSD Launch Date Set: Kash Dhanda announced at the Jupiter Keynote at Breakpoint 2025 that JupUSD would launch "late next week," and highlighted plans to explore sharing underlying economics from the Jupiter product suite with JupUSD holders 1. This set the concrete timeline for the stablecoin's debut. (December 11, 2025)
• Jupiter Offerbook Introduced: Following the acquisition of Rainfi, Jupiter introduced Jupiter Offerbook, a peer-to-peer lending product slated for Q1 2026 that allows users to set their own risk parameters including APR, collateral, and loan duration 3. This expands the lending surface where JupUSD can function as collateral. (December 11, 2025)
• Jupiter DTF Launched: Jupiter reintroduced token raises through Jupiter DTF, an onchain framework for transparent project funding with allocations held in escrow through Jup Lock and guaranteed launch liquidity on Meteora, with WET as the first token scheduled for December 3, 2025 2. This deepens the ecosystem in which JupUSD operates as a core stable asset. (November 25, 2025)
• Jupiter Prediction Markets Launched: Jupiter's first Prediction Market went live in Beta, powered by Kalshi's liquidity, with global max contracts of 100,000 and position max contracts of 1,000 4. This added a new onchain product line to the Jupiter stack. (October 22, 2025)
• JupUSD Announced: Ethena Labs and Jupiter announced JupUSD, a Solana-native stablecoin built on Ethena's "Stablecoin-as-a-Service" infrastructure, initially backed by USDtb (a token nearly fully backed by BlackRock's BUIDL fund) with plans to potentially expand reserves to include USDe 5. Jupiter planned to gradually replace roughly $750 million in existing stablecoins held in the JLP pool with JupUSD and use it as a primary lending asset in Jupiter Lend 5. The announcement was covered widely, noting JupUSD would serve as collateral for Jupiter Perps, a liquidity pair on Meteora, and a core unit of account across the platform 678. (October 8, 2025)
• Jupiter Lend Public Beta Live: The Jupiter Lend Public Beta went live with Multiply (leverage looping) functionality, incentivized with over $2 million in rewards from Jupiter, Fluid, and external partners, featuring over 40 vaults including ones enabling borrowing against JUP and JLP 9. This established the lending venue where JupUSD was later designated a primary lending asset. (August 27, 2025)
• Jupnet Private Testnet Scheduled: During the Q2 Token Holders Update call, the team announced the Jupnet private testnet for Q3 with the public testnet following in Q4 2025, expected to integrate with Solana, Sui, Base, and Arbitrum, plus plans for Central Limit Order Book (CLOB) functionality for spot and perp markets 10. This outlined the omnichain infrastructure that could eventually host JupUSD. (July 10, 2025)
• Jupiter Lend Launch Timeline Updated: The team updated that the Jupiter Lend Private Beta was expected by early August with the public launch scheduled for mid-August 2025, and disclosed securing over $1 million in incentives from external partners 11. This refined the timeline for the lending product central to JupUSD's utility. (July 10, 2025)
• Jupiter Studio Launched: Jupiter launched Jupiter Studio, a customizable token launchpad integrated within the Jupiter web app, enabling creators to earn half of all swap fees before and after bonding and half of the graduated LP after one year, with configurable token vesting (0 to 80%) and market caps 12. This expanded Jupiter's token issuance surface. (July 3, 2025)
• Jupiter Lend Announced: The team shared plans at Solana Accelerate 2025 to launch Jupiter Lend, a money market on Solana powered by Fluid, aiming for greater LTV ratios and reduced liquidation penalties, consisting of a composable Liquidity Layer and a Protocol Layer with lending and vault protocols 13. This laid the groundwork for JupUSD's role as a primary lending asset. (May 22, 2025)
• Jupnet Omnichain Network Announced: Founder Meow announced JupNet, an omnichain network aiming to "aggregate all of the crypto in one single decentralized ledger," consisting of the DOVE Network, an Omnichain Ledger Network, and Aggregated Decentralized Identity (ADI), with early testnet underway 14. This represented Jupiter's long-term infrastructure vision. (January 25, 2025)
• Jupiter Magic Fund Launched: Eliza Labs' founder, in partnership with Jupiter Exchange, announced the $10 million Jupiter Magic Fund at the 2025 Catstanbul event to fund open-source AI developers 15. This expanded Jupiter's ecosystem funding initiatives. (January 25, 2025)
• Jupiter Profiles Launched: Jupiter introduced Jupiter Profiles, a unified identity system for the entire Jupiter ecosystem serving as a central hub for airdrops, Good Cats applications, future product launches, and community initiatives, with profiles required to claim Jupuary 2025 airdrop allocations 16. This established the identity layer underpinning Jupiter's ecosystem. (January 15, 2025)