Jupiter Teams With Ethena Labs to Launch JupUSD Stablecoin on Solana

TLDR

• Jupiter, Solana’s top DEX aggregator, is launching JupUSD stablecoin in mid-Q4 2025 with Ethena Labs
• JupUSD will be 100% backed by Ethena’s USDtb token, which is collateralized by US Treasury assets
• The stablecoin will replace roughly $750 million in existing stablecoins across Jupiter’s platforms
• JupUSD uses Ethena’s white-label stablecoin infrastructure, allowing branded stablecoin creation
• Jupiter has $3.58 billion in total value locked, making it the largest protocol on Solana

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Jupiter, a decentralized exchange on Solana, announced plans to launch its own stablecoin called JupUSD by the end of 2025. The project is being developed with Ethena Labs, a company that has issued over $16 billion in stablecoins.

JupUSD is scheduled to go live in mid-Q4 2025. The token will be integrated across all Jupiter products and services.

The stablecoin will initially be 100% collateralized by USDtb, a dollar-pegged token from Ethena Labs. USDtb is backed by short-term US Treasury assets, including BlackRock’s USD Institutional Digital Liquidity Fund.

Jupiter plans to add USDe as a secondary backing asset over time. USDe is Ethena’s synthetic dollar that uses a delta-neutral hedging strategy to maintain its peg.

The project uses Ethena’s white-label stablecoin infrastructure. This framework allows companies to issue their own branded stablecoins using Ethena’s existing technology and collateral management systems.

Integration Across Jupiter Ecosystem

JupUSD will serve multiple functions within Jupiter’s platform. The token will act as collateral on Jupiter’s perpetual futures exchange.

It will also function as a liquidity asset in Jupiter’s lending pools. The stablecoin will be available as a trading pair across Jupiter’s products.

According to Ethena Labs, approximately $750 million in existing stablecoins currently held in Jupiter’s liquidity pool will be gradually replaced by JupUSD. This makes JupUSD the primary collateral on Jupiter Perps.

Jupiter currently has $3.58 billion in total value locked according to DeFiLlama. This makes it the leading protocol on the Solana blockchain.

Development and Launch Timeline

Jupiter is building smart contracts to enable minting and redemption of JupUSD. The team plans to conduct multiple security audits before the launch.

Ethena Labs confirmed the partnership in a social media post. The company’s existing stablecoins, USDe and USDtb, have market capitalizations of $14.8 billion and $1.8 billion respectively.

The white-label stablecoin model is gaining traction in the crypto industry. Other projects are also launching stablecoins using similar infrastructure.

SUI Group announced plans to launch suiUSDe and USDi on the Sui blockchain with Ethena Labs. The state of North Dakota revealed plans for Roughrider Coin in partnership with fintech company Fiserv.

Companies like Bastion and Stripe now offer infrastructure for white-label stablecoins. This allows businesses to issue stablecoins without obtaining separate licenses or building custom infrastructure.

The stablecoin market has grown past $300 billion in total market capitalization. JupUSD will launch as Jupiter continues to expand its product offerings beyond its original DEX aggregator service.

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