Ethena Labs Partners with Jupiter to Launch JupUSD on Solana: Treasury-Backed and Yield-Optimized

Introduction

Jupiter, Solana’s leading DEX aggregator, is launching a new Solana-based stablecoin called JupUSD in partnership with Ethena Labs, slated for mid–Q4 2025. Per the announcement, JupUSD will integrate across Jupiter’s ecosystem as collateral on Jupiter Perps, a core liquidity asset in lending pools, and a primary trading pair—positioning it as the backbone for Solana DeFi users. The stablecoin will start 100% collateralized by Ethena’s USDtb (a dollar-pegged token backed by short-term U.S. Treasurys) and later include USDe, Ethena’s synthetic dollar, to optimize yields.

Ethena Labs confirmed the token will be issued via its white-label “stablecoin-as-a-service” stack, enabling branded stablecoins with managed collateral and infrastructure. Ethena’s stablecoins currently command multi-billion market caps (USDe and USDtb), reflecting rising demand for yield-bearing and Treasury-backed stablecoin models as the global stablecoin market surpasses $300 billion, per Cointelegraph and market dashboards like DefiLlama. Jupiter plans to gradually replace roughly $750 million of existing stablecoins in its liquidity pools with JupUSD, deepening on-chain liquidity and unifying collateral across its products.

The move highlights the rapid rise of white-label stablecoins as major platforms and even institutions explore native units for payments, collateral, and liquidity. Recent examples include Sui’s planned suiUSDe and USDi with Ethena, North Dakota’s state-backed Roughrider Coin with Fiserv, and infrastructure offerings from Bastion and Stripe that lower the barrier for bespoke stablecoin issuance.

Background

Solana’s largest decentralized-exchange aggregator, Jupiter, is rolling out its own dollar-pegged stablecoin in collaboration with Ethena Labs. The token, called JupUSD, is scheduled to debut in mid–Q4 2025 and will become the default unit of account across Jupiter’s trading, lending, and perpetual-futures products, according to a joint announcement on X (formerly Twitter) by both teams. Below is a concise look at what the launch means for the Solana ecosystem, how the coin is structured, and why “white-label” stablecoins are gaining momentum across crypto.

How JupUSD is structured

At launch, every JupUSD will be 100 % collateralized by USDtb, a stablecoin issued by Ethena Labs and backed by short-term U.S. Treasury bills. Over time, Jupiter will add USDe—Ethena’s yield-bearing synthetic dollar—as secondary collateral, allowing JupUSD holders to capture a portion of USDe’s funding-rate yield without changing wallets or learning new tooling. Ethena confirmed that JupUSD will be minted via its “stablecoin-as-a-service” white-label stack, which handles collateral management, issuance, and redemptions for external partners. This plug-and-play approach gives the coin institutional-grade backing while letting Jupiter brand the asset around its own ecosystem.

The role JupUSD will play inside Jupiter

Jupiter plans to phase roughly $750 million in existing stablecoins out of its liquidity pools and replace them with JupUSD. The stablecoin will:

• act as base collateral on Jupiter Perps, the protocol’s perpetual-futures exchange,

• serve as a primary liquidity asset in Jupiter-affiliated lending markets, and

• become a native trading pair for spot swaps on the Jupiter DEX aggregator.

By unifying collateral under a single asset, Jupiter expects to simplify routing logic for traders, deepen on-chain liquidity, and reduce slippage across Solana DeFi.

Why white-label stablecoins are trending

The total market value of stablecoins has rebounded past $300 billion in 2025, according to data tracker (DefiLlama). As regulation in the United States and Europe clarifies reserve requirements and disclosure standards, large platforms are increasingly opting to issue branded, fully-backed coins rather than relying on third-party tokens.

• Sui Foundation and Ethena recently disclosed plans for suiUSDe and USDi, the first native dollars on the Sui network.

• The U.S. state of North Dakota partnered with Fiserv on “Roughrider Coin,” a bank-integrated, dollar-backed token.

• Payments heavyweight Stripe and infrastructure firm Bastion have each released toolkits that let enterprises spin up private-label stablecoins with just a few lines of code.

The appeal is straightforward: platforms keep custody of user balances, earn yield on underlying Treasurys, and maintain tighter control over risk management—without securing special money-transmitter licenses in every jurisdiction.

Key terms explained

• Stablecoin: a cryptocurrency designed to maintain parity with a fiat currency (usually the U.S. dollar). Peg mechanisms range from 100 % fiat reserves to algorithmic trading strategies.

• Synthetic dollar (USDe): a stablecoin collateralized by a delta-neutral mix of spot crypto and short-perpetual futures positions. The funding rate paid by futures traders flows back to holders as yield.

• White-label stablecoin: a turnkey stablecoin issued under a partner’s brand but operated by an infrastructure provider that handles compliance, reserves, and redemption rails.

• Collateral ratio: the value of assets backing each token. JupUSD starts at 100 % USD-denominated collateral, exceeding industry norms that range from 1:1 backing to overcollateralized crypto baskets.

Implications for Solana DeFi

Solana already processes tens of thousands of transactions per second and boasts sub-second finality, making it an attractive venue for high-frequency trading and on-chain derivatives. A native, Treasury-backed stablecoin integrated into the largest DEX aggregator could:

1. Boost on-chain liquidity by consolidating fragmented stablecoin pools.

2. Reduce trading costs as market makers quote tighter spreads when collateral is uniform.

3. Increase yield opportunities for passive users who provide JupUSD to lending or LP pools and share in underlying Treasury returns or USDe funding rates.

4. Enhance regulatory optics because T-bill backing and transparent reserve attestations align with draft U.S. stablecoin legislation, potentially easing institutional entry.

What’s next

The JupUSD smart contracts are undergoing security audits ahead of the mid-Q4 launch. Jupiter says migration tools will allow users to swap existing USDC or USDT holdings into JupUSD with minimal friction. Ethena Labs will publish monthly reserve attestations via a Big-Four accounting firm, mirroring disclosure practices for USDtb.

For developers and liquidity providers on Solana, the message is clear: a purpose-built, yield-optimized stablecoin is on the way, and it aims to become the default dollar for one of the network’s busiest trading hubs.