JupUSD Stablecoin Launch Ties to BlackRock’s BUIDL Reserve on Solana

Solana-based Jupiter launches JupUSD, backed by BlackRock’s BUIDL with USDC buffers, offering on-chain reserves, custody, and future USDC-to-JupUSD conversions.

Rich by Coin

2026-01-07

Jupiter, a Solana-based DeFi protocol, has launched the native stablecoin JupUSD in collaboration with Ethena Labs. The token is issued as a Solana SPL token and is designed to be used across the ecosystem for payments and as collateral. According to Jupiter, about 90% of JupUSD’s reserves are held in BlackRock’s tokenized money market fund, BUIDL, backing the licensed stablecoin USDtb. The remaining 10% is composed of USDC to serve as a liquidity buffer, managed through Meteora’s auxiliary pool.

JupUSD’s reserve assets are stored on-chain by Anchorage Digital and Fortu. Ethena Labs provides a separate on-chain address structure and transparent reserve management to support rebalancing and backup operations.

Jupiter expects to progressively convert USDC to JupUSD on its perpetual futures platform in the future. The launch of JupUSD is seen as accelerating the trend of stablecoins moving beyond mere payment tools toward core financial infrastructure for each platform.