Jupiter, a Solana-based DeFi protocol and trading platform, has launched JupUSD, a dollar-pegged stablecoin issued natively on Solana and developed in partnership with Ethena Labs. In an X post on Monday, Jupiter said 90% of the stablecoin’s reserves will initially be held in USDtb, a licensed stablecoin collateralized by shares of BUIDL, BlackRock’s tokenized money-market fund. The remaining 10% will be held in USDC as a liquidity buffer, with a secondary pool on Meteora. In an announcement shared with Cointelegraph, Jupiter said that JupUSD is issued as an SPL token, Solana’s standard token format, allowing it to integrate across Solana-based applications.
The reserves are custodied by Porto through Anchorage Digital and verifiable onchain. Within Jupiter’s lending product, JupUSD deposits mint a yield-bearing JupUSD token that can continue accruing returns while being used in features such as limit orders and dollar-cost averaging. The company also plans to integrate JupUSD into its perpetuals platform, gradually transitioning USDC collateral and liquidity pool balances.
For institutions and market makers, Jupiter said JupUSD supports onchain minting and redemption against USDC through single-transaction settlement on Solana. Ethena Labs, which develops the Ethena protocol and issues the USDe and USDtb stablecoins, will manage reserve operations, including custody coordination and rebalancing between backing assets, using segregated onchain addresses and transparent capacity signals, according to the announcement. Jupiter’s native token, JUP, has risen about 18% over the past seven days, according to CoinGecko data.
Leave a Reply