TLDR
- Jupiter DEX is launching JupUSD stablecoin on Solana blockchain in mid-Q4 2025
- The stablecoin will be fully backed by Ethena’s USDtb, which holds US Treasury assets
- JupUSD will replace approximately $750 million in stablecoins on Jupiter’s platform
- Ethena Labs provides white-label infrastructure for the stablecoin creation
- Jupiter manages $3.58 billion in total value locked as Solana’s largest protocol
Jupiter, the leading decentralized exchange on Solana, has announced a partnership with Ethena Labs to create JupUSD. The new stablecoin is set to launch in mid-Q4 2025.
The token will be native to Solana and integrated throughout Jupiter’s ecosystem. This includes the platform’s perpetual futures exchange, lending markets, and trading interfaces.
JupUSD will be fully collateralized by Ethena Labs’ USDtb stablecoin. USDtb maintains its dollar peg through backing from short-term US Treasury assets, including BlackRock’s USD Institutional Digital Liquidity Fund.
Jupiter plans to introduce USDe as an additional backing asset in the future. This secondary collateral aims to increase yield opportunities for users.
White-Label Stablecoin Technology
The project utilizes Ethena Labs‘ white-label stablecoin infrastructure. This technology allows organizations to issue branded stablecoins without building custom systems or obtaining separate regulatory licenses.
Ethena Labs has successfully minted over $16 billion in stablecoins through its platform. The company’s two main tokens, USDe and USDtb, have market caps of $14.8 billion and $1.8 billion respectively.
The white-label model is becoming popular across the crypto industry. Other recent projects include SUI Group’s stablecoins on the Sui blockchain and North Dakota’s Roughrider Coin.
Companies like Bastion, Stripe, and Fiserv now offer similar infrastructure services. These platforms enable businesses to enter the stablecoin market quickly.
Jupiter Platform Integration
JupUSD will serve as the primary collateral on Jupiter Perps, the platform’s perpetual futures trading product. Approximately $750 million in existing stablecoins held in Jupiter’s liquidity pool will be gradually replaced.
The stablecoin will function as collateral for leveraged trading positions. It will also provide liquidity in Jupiter’s lending pools and serve as a trading pair across the exchange.
Jupiter currently holds $3.58 billion in total value locked according to DeFiLlama data. This makes it the top protocol on the Solana network by this metric.
The platform started as a DEX aggregator but has expanded its product offerings. Jupiter now provides perpetual futures trading, lending services, and other DeFi products.
Development Timeline and Audits
The Jupiter team is developing smart contracts for JupUSD minting and redemption. Multiple security audits are planned before the official launch.
Ethena Labs confirmed the partnership through official channels. The collaboration represents the continued expansion of Ethena’s white-label stablecoin service.
The broader stablecoin market has grown beyond $300 billion in total market capitalization. JupUSD enters a competitive landscape that includes established players and new entrants using various backing mechanisms.
The mid-Q4 2025 timeline gives Jupiter several months to complete development and testing. The launch will add another major stablecoin option to the Solana ecosystem.
