Jupiter and Ethena Collaborate on New Stablecoin
Jupiter, a decentralized trading platform built on Solana, has announced plans to introduce its own stablecoin in collaboration with Ethena Labs.
The upcoming token, named JupUSD, is expected to launch in mid-Q4 2025. According to an announcement shared on X, JupUSD will be integrated across all of Jupiter’s core products — serving as collateral on its perpetual futures exchange, a liquidity asset in lending pools, and a primary trading pair.
Jupiter stated that JupUSD will be fully backed by Ethena Labs’ USDtb, a dollar-pegged token supported by short-term U.S. Treasury assets. Over time, USDe, Ethena’s synthetic dollar, will also be introduced as additional collateral to improve yield performance.
Building a stablecoin ecosystem on Solana
Ethena Labs, known for issuing the stablecoins USDe and USDtb, confirmed the partnership and explained that JupUSD is being developed on its white-label stablecoin-as-a-service stack. This framework allows projects to issue customized stablecoins using Ethena’s existing infrastructure and collateral management system.
Ethena noted that JupUSD will become the primary collateral asset on Jupiter Perps, with approximately $750 million in existing stablecoins within Jupiter’s liquidity pools gradually transitioning to JupUSD.
Expanding use of white-label stablecoins
The rise of white-label stablecoins marks a growing trend as the global stablecoin market surpasses $300 billion in capitalization. Clearer regulations and increased adoption, particularly in the U.S. and Europe, have accelerated this growth.
In a similar move, SUI Group recently announced plans to launch suiUSDe and USDi, the first native stablecoins on the Sui blockchain, in collaboration with Ethena Labs and the Sui Foundation. USDi will be fully backed by tokenized shares of BlackRock’s BUIDL fund, while suiUSDe will function as a synthetic dollar using delta-neutral strategies.
Global Expansion of Stablecoin Initiatives
In the U.S., the state of North Dakota revealed plans to launch its own USD-backed stablecoin, Roughrider Coin, developed with fintech firm Fiserv. The project builds upon Fiserv’s earlier white-label stablecoin infrastructure designed for banks.
Other major firms, including Bastion and Stripe, have also entered the space, offering platforms that enable businesses to issue their own stablecoins without having to build regulatory or technical infrastructure from scratch.
Sources:
https://cointelegraph.com/news/jupiter-ethena-labs-new-solana-stablecoin
https://x.com/JupiterExchange/status/1975929210389864710