Key Takeaways

• Jupiter, the top DEX aggregator on Solana, is launching a new stablecoin called JupUSD in mid-Q4 2025 in collaboration with Ethena Labs.

• JupUSD will be 100% collateralized by Ethena Labs’ USDtb, a dollar-pegged token backed by short-term US Treasury assets, with plans to add Ethena’s synthetic dollar USDe later for yield optimization.

• The stablecoin will be integrated across the Jupiter ecosystem, functioning as the primary collateral on its perpetual futures exchange and as a core liquidity and trading asset.

Jupiter Introduces JupUSD to the Solana Ecosystem

Jupiter, the leading decentralized exchange (DEX) aggregator on the Solana blockchain, is set to significantly expand its product suite with the launch of its own stablecoin, JupUSD.

This strategic move, planned for mid-Q4 2025, is being executed in partnership with Ethena Labs, the innovators behind the well-known synthetic dollar, USDe. The new stablecoin is designed to serve as the foundational financial instrument across all of Jupiter’s offerings, enhancing the platform’s stability and utility within the broader Solana ecosystem. JupUSD will immediately play a crucial role by being integrated as collateral on Jupiter’s perpetual futures exchange and as a primary liquidity asset in its lending pools.

Furthermore, it will be promoted as a core trading pair across the DEX. The platform’s initial 750 million in existing stablecoin liquidity pools are slated to be gradually replaced by JupUSD, solidifying its importance within the Jupiter infrastructure.

Collateral Structure and White-Label Innovation

The new stablecoin is built on a highly structured collateral framework. Jupiter confirmed that JupUSD will be 100% backed by USDtb, Ethena Labs’ token that is secured by short-term US Treasury assets.

Over time, the synthetic dollar USDe will be introduced as additional collateral to help optimize yield generation. This unique model leverages Ethena Labs’ “white-label stablecoin-as-a-service” stack, allowing brands like Jupiter to issue their own branded stablecoins using Ethena’s robust infrastructure and collateral management expertise.

This concept of white-label stablecoins is gaining significant traction across the crypto industry. It enables various entities, from major DeFi protocols to traditional financial companies, to issue custom, branded stablecoins without having to build the complex underlying infrastructure or secure specific licenses.

The Wider Trend of Branded Stablecoins

The collaboration between Jupiter and Ethena Labs is part of a growing industry trend that sees major platforms and even state institutions launching branded stable digital currencies.

For instance, the Sui Group recently announced plans to launch two native stablecoins on the Sui blockchain, also in partnership with Ethena Labs and the Sui Foundation.

One token, USDi, is set to be fully backed by tokenized shares of BlackRock’s BUIDL fund, while the other, suiUSDe, will utilize a delta-neutral hedging strategy similar to Ethena’s USDe.

Even the US state of North Dakota has proposed a dollar-backed “Roughrider Coin,” utilizing a white-label initiative from the fintech company Fiserv. These developments underscore the industry’s shift towards sophisticated, customizable, and institutionally-backed digital dollar solutions.

Final Thoughts

Jupiter’s launch of JupUSD, powered by Ethena Labs, is a major upgrade for the Solana ecosystem, providing a native, institutional-grade stablecoin that will be deeply integrated into the platform’s trading and lending architecture. This partnership highlights the increasing viability and sophistication of white-label stablecoin solutions across the decentralized finance landscape.

Frequently Asked Questions

What is JupUSD?
It is a new stablecoin launched by the Solana DEX aggregator Jupiter, in partnership with Ethena Labs, designed to serve as a core asset in its ecosystem.

How is JupUSD collateralized?
It is 100% collateralized by Ethena Labs’ USDtb, which is backed by short-term US Treasury assets.

What is a white-label stablecoin?
A stablecoin issued by one company (like Jupiter) using the infrastructure and collateral management provided by another firm (like Ethena Labs).