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Jupiter and Ethena Labs are launching JupUSD, a fully collateralized Solana-based stablecoin designed to unify Jupiter’s DeFi ecosystem and enhance on-chain liquidity.
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Built on Ethena’s white-label infrastructure, JupUSD highlights the growing trend of branded stablecoins as the global market surpasses $300 billion in capitalization.
The Solana ecosystem is set for another major boost as Jupiter, Solana’s largest decentralized trading platform, partners with Ethena Labs to launch a new stablecoin dubbed JupUSD.
Scheduled to go live in mid–Q4 2025, according to an announcement on X, JupUSD will be integrated across all of Jupiter’s core products. Notably, th serving as collateral on its perpetual futures exchange, a liquidity asset in lending pools, and a base trading pair on the platform.
JupUSD will have deep integrations across every Jupiter product:
– Collateral on Jupiter Perps
– Liquidity in Jupiter Lend
– Trading on Swap, Pro, and Mobile
– Integration into new products we’re buildingA stablecoin for everything Jupiter (including $JUP holders 👀). pic.twitter.com/pyJdVbr1Gh
— Jupiter (🐱, 🐐) (@JupiterExchange) October 8, 2025
The initiative aims to unify Jupiter’s ecosystem under a single, transparent, and yield-optimized stable asset.
JupUSD will be 100% collateralized by Ethena Labs’ USDtb, a dollar-pegged stablecoin backed by short-term U.S. Treasury assets. Over time, Ethena’s synthetic dollar (USDe) will be introduced to the collateral mix, enabling dynamic yield optimization while maintaining price stability.
Ethena Labs, the issuer of both USDtb and USDe, currently manages a combined market capitalization of $16.6 billion, according to DefiLlama. The firm confirmed the collaboration in a separate post, noting that JupUSD is being built using its “white-label stablecoin-as-a-service” infrastructure, a turnkey framework that lets platforms issue branded stablecoins using Ethena’s existing infrastructure and collateral management system.
Ethena also revealed that JupUSD will become the primary collateral on Jupiter’s perpetual futures exchange, gradually replacing around $750 million in existing stablecoins held in its liquidity pools. This shift is expected to streamline capital efficiency while giving Jupiter greater control over its ecosystem’s financial backbone.
“This partnership is about more than just a new token — it’s about giving the Solana ecosystem a native, institutionally sound, and yield-optimized stablecoin foundation,” Ethena Labs said in a statement.
The White-Label Stablecoin Wave
The collaboration highlights a broader industry trend: the rise of white-label stablecoins. As the global stablecoin market surpasses $300 billion in capitalization, companies are increasingly adopting pre-built infrastructure to issue compliant, branded digital dollars.
Recent examples include SUI Group’s launch of suiUSDe and USDi, the first native stablecoins on the Sui blockchain, also built in partnership with Ethena Labs and backed by tokenized BlackRock BUIDL fund shares.
Similarly, the U.S. state of North Dakota is developing its own Roughrider Coin, in collaboration with Fiserv, under a similar white-label framework.
Firms like Ethena, Fiserv, Bastion, and Stripe are now pioneering a new model for programmable money, enabling businesses and even governments to deploy stablecoins without building complex regulatory or technical infrastructure from scratch.
For Solana, JupUSD could prove transformative. By merging Jupiter’s liquidity network with Ethena’s institutional-grade infrastructure, the blockchain gains a homegrown stablecoin that strengthens both on-chain trading and ecosystem resilience.
As “Uptober” optimism lifts market sentiment, JupUSD could become the catalyst that propels Solana’s DeFi ecosystem into its next phase of growth.