- Jupiter, a decentralized platform on Solana, will launch the JupUSD stablecoin with Ethena Labs in mid Q4 2025.
- JupUSD will be used as collateral and a trading asset within all Jupiter products, including its perpetual futures exchange and lending pools.
- The stablecoin will be fully backed by Ethena Labs’ USDtb, which is a dollar-pegged token backed by short-term U.S. Treasury assets.
- Other projects, including Sui Group and the U.S. state of North Dakota, are also planning new stablecoins in collaboration with infrastructure providers like Ethena Labs and Fiserv.
- The trend toward white-label stablecoin services is growing as the stablecoin market passes $300 billion in market capitalization.
Jupiter, a decentralized trading platform based on the Solana Blockchain, plans to launch a new stablecoin named JupUSD in partnership with Ethena Labs. The launch is scheduled for the middle of the fourth quarter of 2025, according to a recent announcement on X.
JupUSD will be built on Ethena’s stablecoin infrastructure and integrated into all Jupiter products. It will serve as the main form of collateral on Jupiter’s perpetual futures exchange, function as a liquidity option in Jupiter’s lending pools, and be available as a trading pair. According to Jupiter, the stablecoin will be 100% backed by USDtb, a token pegged to the U.S. dollar and supported by short-term U.S. Treasury assets.
Ethena Labs confirmed the partnership, stating that JupUSD is built using its white-label stablecoin-as-a-service stack. This platform allows organizations to issue their own branded stablecoins by using Ethena’s infrastructure and collateral management system. Ethena Labs also announced that about $750 million in current stablecoin liquidity on Jupiter’s platform will be gradually shifted to JupUSD.
The stablecoin market is expanding rapidly, with a recent report from DefiLlama indicating a total market capitalization above $300 billion. Other projects are also launching new stablecoins using white-label services. For example, SUI Group revealed plans for 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 from BlackRock’s BUIDL fund, while suiUSDe will use a synthetic structure with a hedging strategy.
The U.S. state of North Dakota announced it will partner with fintech firm Fiserv to create Roughrider Coin, a dollar-backed stablecoin. This effort builds on Fiserv’s stablecoin initiative for banks, first introduced in June 2025. Other companies like Bastion and Stripe also offer white-label services, making it easier for businesses to issue stablecoins without building their own systems or securing additional licensing.
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