Jupiter, one of the leading decentralized exchanges on Solana, is teaming up with Ethena Labs to introduce a new stablecoin called JupUSD, set to debut in mid–Q4 2025.
According to a post shared on X, JupUSD will be fully integrated across Jupiter’s entire product suite — including its perpetual futures platform, lending pools, and trading pairs. The token aims to become the core liquidity and collateral asset across the Jupiter ecosystem.
The new stablecoin will be fully backed by Ethena Labs’ USDtb, a dollar-pegged token supported by short-term U.S. Treasury assets. In the long term, Ethena’s synthetic dollar (USDe) will also be added as part of the collateral structure to help maximize yield.
Ethena Labs — known for issuing both USDe and USDtb — confirmed that JupUSD is being built on its white-label stablecoin-as-a-service framework, which allows other platforms to launch branded stablecoins using Ethena’s technology and collateral management system.
At present, USDe and USDtb have a combined market capitalization of nearly $16.6 billion, according to DefiLlama data.
Ethena noted that JupUSD will gradually replace roughly $750 million worth of existing stablecoins currently held in Jupiter’s liquidity pools, becoming the main collateral asset on Jupiter Perps.
The rise of white-label stablecoins
With the global stablecoin market now exceeding $300 billion, the landscape is rapidly diversifying — driven by clearer regulations and growing adoption across the U.S. and Europe.
Just this week, SUI Group announced two new tokens — suiUSDe and USDi — in collaboration with Ethena Labs and the Sui Foundation. Both will be the first native stablecoins on the Sui blockchain. USDi will be fully collateralized by tokenized shares of BlackRock’s BUIDL fund, while suiUSDe will function as a synthetic stablecoin using a delta-neutral strategy.
Meanwhile, the state of North Dakota is preparing to roll out its own USD-backed stablecoin, dubbed the Roughrider Coin, through a partnership with fintech provider Fiserv. This builds on Fiserv’s white-label initiative for U.S. banks, launched in mid-2025.
Alongside Ethena and Fiserv, several players — including Bastion and Stripe — are now offering turnkey solutions that enable companies to issue custom stablecoins without needing direct regulatory licenses or developing their own infrastructure.
The emergence of these white-label stablecoin providers signals a broader trend: a new phase of stablecoin innovation where brands, fintechs, and even governments can issue digital dollars under their own names — powered by shared, institutional-grade infrastructure.
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