Key Takeaways:
- Jupiter and Ethena Labs are launching JupUSD, a new stablecoin for Solana, initially backed 100% by Ethena’s USDtb and later by synthetic USDe.
- JupUSD will serve as core collateral across Jupiter’s platform, replacing $750M in stablecoins and powering trading, lending, and perpetuals.
- The launch reflects growing adoption of white-label stablecoin platforms, as firms like SUI, Fiserv, and others roll out branded digital dollars.
Jupiter, Solana’s leading decentralized exchange (DEX) aggregator, has partnered with Ethena Labs to launch a new stablecoin called JupUSD, set to debut in mid-Q4 2025.
The token will be integrated throughout the Jupiter ecosystem – serving as collateral on its perpetual futures platform, a liquidity asset in lending pools, and a standard trading pair.
JupUSD will have deep integrations across every Jupiter product:
— Jupiter (🐱, 🐐) (@JupiterExchange) October 8, 2025
– Collateral on Jupiter Perps
– Liquidity in Jupiter Lend
– Trading on Swap, Pro, and Mobile
– Integration into new products we’re building
A stablecoin for everything Jupiter (including $JUP holders 👀). pic.twitter.com/pyJdVbr1Gh
Initially, JupUSD will be 100% backed by USDtb, Ethena’s dollar-pegged token supported by short-term U.S. Treasury assets.
Over time, USDe – Ethena’s synthetic dollar – will also be added as collateral to enhance yield performance.
Built using Ethena’s white-label stablecoin-as-a-service platform, JupUSD will gradually replace around $750 million worth of existing stablecoins across Jupiter’s liquidity pools.
The launch highlights the growing momentum behind white-label stablecoins, as the global stablecoin market surpasses $300 billion in total capitalization.
Similar projects include SUI Group’s suiUSDe and USDi, developed with Ethena Labs and the Sui Foundation, as well as North Dakota’s government-backed Roughrider Coin in partnership with Fiserv.
Companies such as Bastion, Fiserv, and Stripe are also expanding white-label infrastructure, enabling partners to issue customized stablecoins without obtaining their own regulatory licenses or operational frameworks.
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