Jupiter, a decentralized trading platform built on Solana, has announced plans to launch its own stablecoin, JupUSD, in collaboration with Ethena Labs.
Set to go live in mid–Q4 2025, JupUSD will be fully integrated across Jupiter’s ecosystem. It will serve multiple purposes as collateral on its perpetual futures exchange, a liquidity asset within lending pools, and a trading pair across its products.
According to the platform’s statement on X, the stablecoin will initially be 100% backed by Ethena Labs’ USDtb, a dollar-pegged token supported by short-term U.S. Treasury assets. Over time, Ethena’s synthetic dollar, USDe, will also be added as collateral to enhance yield efficiency.
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Ethena Labs Confirms Partnership for Jupiter’s JupUSD Launch
Ethena Labs, the issuer of the stablecoins USDe and USDtb, is partnering with Jupiter to develop the new JupUSD token. According to DeFiLlama, USDe and USDtb currently hold market capitalizations of about $14.8 billion and $1.8 billion, respectively.
In a post on X, Ethena Labs said JupUSD is being built on its white-label “stablecoin-as-a-service” framework, which enables the creation of custom stablecoins backed by Ethena’s infrastructure and collateral system. The new token will become the main collateral on Jupiter Perps, gradually replacing around $750 million in existing stablecoins within the platform’s liquidity pools.
Sui Group Unveils First Native Stablecoins in Partnership with Ethena Labs
As the global stablecoin market surpasses $300 billion amid clearer regulations and rising adoption in the US and Europe, new varieties of digital dollars continue to emerge.
On Thursday, Sui Group revealed plans to introduce suiUSDe and USDi, the first native stablecoins on the Sui blockchain through a partnership with Ethena Labs and the Sui Foundation. Built on Ethena’s white-label stablecoin framework, USDi will be fully backed by tokenized shares of BlackRock’s BUIDL fund, while suiUSDe will function as a synthetic dollar using a delta-neutral hedging model.
