Jupiter, a decentralized trading platform on Solana, has announced plans to launch its stablecoin in partnership with Ethena Labs.
The new token, called JupUSD, is scheduled to go live in mid–Q4 2025. According to an X post on Wednesday, JupUSD will be integrated across all Jupiter products, serving as collateral on its perpetual futures exchange, a liquidity asset in Jupiter’s lending pools and a trading pair.
According to Jupiter, the stablecoin will be 100% collateralized by Ethena Labs’ USDtb, a dollar-pegged token backed by short-term US Treasury assets. Over time, USDe, Ethena’s synthetic dollar, will be added as collateral to optimize yield rates.
The project is being built in collaboration with Ethena Labs, the issuer behind the stablecoins USDe and USDtb. According to DefiLlama, the tokens’ market capitalization at this writing stands at $14.8 billion and $1.8 billion, respectively.
Ethena Labs confirmed the partnership in an X post on Wednesday, saying the token is being built on its white-label stablecoin-as-a-service stack — a framework that allows the issuance of branded stablecoins using Ethena’s infrastructure and collateral management.
According to Ethena, JupUSD will serve as the primary collateral on Jupiter Perps, with roughly $750 million in existing stablecoins held in the platform’s liquidity pool to be gradually replaced by JupUSD.
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The rise of white label stablecoins
As the stablecoin market surges past $300 billion in market cap on the back of clear regulation and growing adoption, specifically in the US and Europe, several types of stablecoins are emerging.
On Thursday, SUI Group announced plans to launch suiUSDe and USDi, the first native stablecoins on the Sui blockchain, in partnership with Ethena Labs and the Sui Foundation.
Based on Ethena’s white-label stablecoin infrastructure, USDi will be fully backed by tokenized BlackRock’s BUIDL fund shares. At the same time, suiUSDe will operate as a synthetic dollar using a delta-neutral hedging strategy.
The US state of North Dakota announced plans to launch its own US dollar–backed stablecoin, the Roughrider Coin, in partnership with fintech company Fiserv. The project builds on Fiserv’s white-label stablecoin initiative for banks, introduced in June 2025.
Alongside Ethena and Fiserv, a growing number of companies now enable businesses to issue their own stablecoins without obtaining separate licenses or developing custom infrastructure. Companies offering infrastructure for white label stablecoins include a startup called Bastion and global payments company Stripe.
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