- Jupiter plans to introduce JupUSD, a stablecoin on Solana, by mid-Q4 2025, to enhance its DeFi offerings.
- The stablecoin will be fully collateralized by Ethena Labs’ USDtb, backed by US Treasury assets, and later include Ethena’s synthetic dollar USDe as collateral.
- This initiative reflects the rising popularity of white-label stablecoins, with many firms offering infrastructure for custom stablecoin issuance.
- Crypto regulators and market growth are fueling the expansion of stablecoins, with Sui and North Dakota also launching their own versions.
Jupiter to Launch Stablecoin on Solana
Jupiter, a prominent decentralized exchange aggregator on Solana, announced plans to roll out its native stablecoin, JupUSD, in mid–Q4 2025. The token will be integrated across all Jupiter products, functioning as collateral on its perpetual futures exchange, a liquidity asset within Jupiter’s lending pools, and as a trading pair.
The stablecoin will be backed 100% by Ethena Labs’ USDtb, which is pegged to the U.S. dollar and secured by short-term US Treasury assets. Over time, Ethena’s synthetic dollar, USDe, is expected to join as collateral to improve yield opportunities among collateral assets.
The project is a joint effort with Ethena Labs, the issuer behind the stablecoins USDe and USDtb, which have a combined market cap of approximately $16.6 billion, according to DefiLlama. Ethena’s infrastructure enables the rapid issuance of branded stablecoins via its white-label stablecoin-as-a-service platform.
Ethena Labs confirmed the partnership in an X post, emphasizing that JupUSD will function as the primary collateral on Jupiter Perps, with about $750 million of the existing stablecoin liquidity gradually transitioning to JupUSD.
The Growing Trend of White-Label Stablecoins
As stablecoins surpass a market capitalization of $300 billion amid increasing regulation and mainstream adoption, the industry is witnessing a surge in white-label solutions. These platforms enable companies to issue their own stablecoins without developing proprietary infrastructure or securing complicated licenses.
Recently, SUI Group announced the upcoming launch of suiUSDe and USDi, the first native stablecoins on the Sui blockchain, developed through Ethena Labs’ infrastructure. USDi will be fully backed by tokenized shares of BlackRock’s BUIDL fund, while suiUSDe will operate as a synthetic dollar using a delta-neutral hedging strategy.
In addition, North Dakota is planning to introduce its own dollar-backed stablecoin called the Roughrider Coin, in partnership with fintech firm Fiserv. This initiative builds on Fiserv’s existing white-label stablecoin solutions for local banks, introduced earlier this year.
More companies, including startups like Bastion and major payment providers such as Stripe, are leveraging Ethena’s stablecoin infrastructure to facilitate business issuance of their own stablecoins seamlessly, without needing specialized licensing.
This evolving landscape of stablecoin technology emphasizes the importance of compliance, scalability, and infrastructure support, which are critical drivers in the ongoing expansion of the crypto markets and mainstream financial integration. With regulatory clarity and technological innovation, stablecoins are poised to become even more integral to global currency systems in the near future.
