Jupiter, a leading decentralized trading platform on Solana, has announced plans to launch its own stablecoin, JupUSD, in partnership with Ethena Labs. The token is expected to go live in mid–Q4 2025, marking Jupiter’s first step into the stablecoin ecosystem.
According to Jupiter’s post on X, JupUSD will be fully integrated across its platform. It will serve as collateral on Jupiter Perpetuals, a liquidity asset in its lending pools, and a base trading pair for its exchange users.
The new stablecoin will be 100% backed by Ethena Labs’ USDtb, a dollar-pegged token supported by short-term US Treasury assets. Over time, Jupiter plans to add USDe, Ethena’s synthetic dollar, as additional collateral to improve yield and stability.
Ethena Labs, known for issuing both USDe and USDtb, confirmed the partnership on X. The company said JupUSD will be built using its white-label stablecoin-as-a-service framework, a system that lets partners issue branded stablecoins using Ethena’s existing infrastructure.
Jupiter aims to gradually replace about $750 million worth of existing stablecoins in its liquidity pools with JupUSD, positioning it as the platform’s primary collateral asset.
Rise of White-Label Stablecoins
The partnership comes as white-label stablecoins gain traction in a market now exceeding $300 billion in total capitalization, according to DefiLlama data.
In the recent past, SUI Group has announced suiUSDe and USDi, the first native stablecoins on the Sui blockchain, which are also powered by Ethena Labs. Equally, North Dakota announced its intentions to launch its own Roughrider Coin with a fintech company, Fiserv.
With players like Ethena Labs, Fiserv, Bastion, and Stripe offering turnkey solutions, issuing branded stablecoins is becoming easier, signaling a new wave of adoption in the global crypto economy.