Solana’s top decentralized exchange aggregator, Jupiter, is preparing to introduce its own stablecoin, JupUSD, which will serve as the foundation of its ecosystem. The project is being developed in collaboration with Ethena Labs, the team behind the well-known stablecoins USDe and USDtb.
According to an announcement on X, JupUSD is set to launch in mid–Q4 2025. Once live, it will be deeply integrated across all of Jupiter’s platforms — including use as collateral on its perpetual futures exchange, as a liquidity asset in lending pools, and as a key trading pair.
Jupiter stated that JupUSD will be fully collateralized by Ethena’s USDtb, a dollar-pegged token backed by short-term U.S. Treasury assets. Over time, Ethena’s synthetic dollar, USDe, will also be added to optimize yield and improve stability.
Ethena Labs confirmed the partnership, noting that JupUSD is being developed through its white-label stablecoin-as-a-service framework, which allows other projects to issue branded stablecoins using Ethena’s infrastructure and collateral management systems.
According to Ethena, JupUSD will become the main collateral asset on Jupiter Perps, with about $750 million in existing stablecoins on the platform expected to be gradually replaced by JupUSD over time.
The rise of white-label stablecoins
The launch comes as the global stablecoin market surpasses $300 billion in market capitalization, supported by clearer regulations and growing institutional adoption, especially in the U.S. and Europe.
Several new projects are embracing the white-label stablecoin model, where companies can issue their own branded stablecoins without building custom infrastructure or applying for separate licenses.
Just this week, SUI Group revealed plans to launch suiUSDe and USDi, the first native stablecoins on the Sui blockchain. These will also be developed 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 supported by a delta-neutral hedging strategy.
Meanwhile, the state of North Dakota is entering the stablecoin space with its own U.S. dollar–backed token called Roughrider Coin, launched in partnership with Fiserv. The initiative builds on Fiserv’s broader white-label stablecoin program for banks, which began in mid-2025.
With companies like Ethena Labs, Fiserv, Bastion, and Stripe offering ready-made infrastructure for stablecoin issuance, the trend toward custom-branded stablecoins appears to be accelerating — giving businesses new ways to participate in the growing digital asset economy.
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