Jupiter, a decentralized trading platform operating on Solana, has unveiled plans to release its stablecoin in collaboration with Ethena Labs.
The new token, named JupUSD, is set to launch in mid–Q4 2025. An X post on Wednesday indicated that JupUSD will be integrated into all Jupiter products, functioning as collateral on its perpetual futures exchange, a liquidity asset in Jupiter’s lending pools, and a trading pair.
Jupiter states that the stablecoin will be fully collateralized by Ethena Labs’ USDtb, a dollar-pegged token backed by short-term U.S. Treasury assets. In the long run, Ethena’s synthetic dollar, USDe, will be added as collateral to enhance yield rates.
The project is being developed in partnership with Ethena Labs, the issuer behind stablecoins USDe and USDtb. According to DefiLlama, the current market caps of the tokens are $14.8 billion and $1.8 billion, respectively.
Ethena Labs confirmed the partnership in an X post on Wednesday, announcing that the token is being built on its white-label stablecoin-as-a-service framework — a system enabling the issuance of branded stablecoins using Ethena’s infrastructure and collateral management.
Ethena notes that JupUSD will act as the principal collateral on Jupiter Perps, with around $750 million in existing stablecoins in the platform’s liquidity pool to be gradually substituted with JupUSD.
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The rise of white label stablecoins
As the stablecoin market surpasses $300 billion in market cap due to clearer regulations and increasing adoption, particularly in the U.S. and Europe, various types of stablecoins are emerging.
On Thursday, SUI Group revealed plans to launch suiUSDe and USDi, the first native stablecoins on the Sui blockchain, in partnership with Ethena Labs and the Sui Foundation.
Utilizing Ethena’s white-label stablecoin infrastructure, USDi will be fully collateralized by tokenized shares of BlackRock’s BUIDL fund. Meanwhile, suiUSDe will function as a synthetic dollar employing a delta-neutral hedging strategy.
The state of North Dakota has announced intentions to introduce its own US dollar–backed stablecoin, the Roughrider Coin, in collaboration with fintech company Fiserv. This initiative is built on Fiserv’s white-label stablecoin program for banks, launched in June 2025.
In addition to Ethena and Fiserv, an increasing number of companies now facilitate the issuance of stablecoins for businesses without needing separate licenses or custom infrastructure. Firms providing infrastructure for white label stablecoins include a startup called Bastion and global payment company Stripe.
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