Jupiter has introduced JupUSD, a new dollar-pegged stablecoin issued natively on the Solana blockchain and developed in partnership with Ethena Labs.
According to the company, 90% of JupUSD’s reserves are initially held in USDtb, a licensed stablecoin collateralized by shares of BlackRock’s tokenized money-market fund, BUIDL. The remaining 10% is held in USDC to provide liquidity support.
JupUSD is issued as an SPL token, allowing seamless integration across Solana-based decentralized applications. Within Jupiter’s lending product, deposits generate a yield-bearing version of JupUSD that can continue earning returns while being used in features such as limit orders and dollar-cost averaging.
The company plans to expand JupUSD into its perpetuals platform and gradually transition USDC liquidity toward the new stablecoin. The launch reflects a broader trend in 2025 toward platform-specific stablecoins designed to enhance capital efficiency and onchain liquidity.
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