Jupiter, a leading decentralized exchange aggregator on Solana, is set to introduce its new stablecoin, JupUSD, in cooperation with Ethena Labs. This new currency aims to bolster Jupiter’s ecological framework.

• JupUSD is planned for launch in mid-Q4 2025 and will be integrated into various Jupiter offerings, including as collateral in its perpetual futures exchange and within lending pools.
• Jupiter reports that JupUSD will be completely collateralized by Ethena’s USDtb, a dollar-pegged token supported by short-term US Treasury assets. Additionally, Ethena’s synthetic dollar, USDe, will eventually be incorporated as collateral to enhance yield rates.

JupUSD by Jupiter Source: Jupiter Exchange

The collaboration with Ethena Labs, the issuer behind USDe and USDtb, marks a significant step in the stablecoin market, which currently boasts a combined market capitalization of approximately $14.8 billion and $1.8 billion as reported by DefiLlama.

Ethena Labs verified the partnership on X, confirming that JupUSD will be based on its white-label stablecoin service, enabling brands to launch stablecoins leveraging Ethena’s infrastructure and collateral management capabilities.

Over time, JupUSD will become the primary collateral on Jupiter Perps, gradually substituting roughly $750 million of existing stablecoins within the platform’s liquidity pool.

The Evolution of White Label Stablecoins

With the stablecoin market exceeding $300 billion in valuation, spurred by increasing regulation and adoption in the United States and Europe, various stablecoin types are emerging.

Recently, SUI Group announced plans to release suiUSDe and USDi, the inaugural native stablecoins on the Sui blockchain, in partnership with Ethena Labs and the Sui Foundation. An accompanying initiative from North Dakota outlines the introduction of its own US dollar-backed stablecoin, the Roughrider Coin, in collaboration with fintech firm Fiserv.