Jupiter has officially launched JupUSD, a reserve-backed stablecoin built on Solana, in collaboration with Ethena Labs and backed by BlackRock-linked assets.
Quick Summary – TLDR:
- JupUSD is a US dollar-pegged stablecoin launched by Jupiter and built using Ethena Labs’ infrastructure.
- It is 90% backed by USDtb, a GENIUS-compliant stablecoin tied to BlackRock’s BUIDL Fund, and 10% by USDC.
- JupUSD will serve as core collateral across all Jupiter’s DeFi products, from lending to perps trading.
- Institutional minting, audited open-source code, and deep integration across Jupiter’s suite make it a foundational piece of its expanding “superapp” strategy.
What Happened?
Jupiter, a Solana-based decentralized finance platform, has launched JupUSD, a new stablecoin designed to unify and power its entire ecosystem. Built in partnership with Ethena Labs, the stablecoin is positioned as the common collateral across all of Jupiter’s decentralized products.
JupUSD is backed by major institutions, boasting 90% reserves in USDtb (linked to BlackRock’s tokenized USD liquidity fund) and a 10% buffer in USDC, with plans to add Ethena’s USDe for better flexibility and performance. A New Foundation for the Jupiter Ecosystem
The stablecoin for onchain finance has arrived.
— Jupiter (@JupiterExchange) January 5, 2026
Introducing: JupUSD
A reserve-backed stablecoin pegged to the US Dollar, designed to power the next chapter of finance.
Let’s dive in 👇 pic.twitter.com/dE0pIj35UV
JupUSD isn’t just another stablecoin. It’s a cornerstone in Jupiter’s broader plan to evolve from a DEX aggregator into a full-fledged Solana DeFi “superapp.”
Standout Features of JupUSD
- Built using Ethena Labs’ infrastructure, which has already powered over $16 billion in stablecoin issuances.
- 90% of its reserves are held in USDtb, a GENIUS-compliant stablecoin backed by BlackRock’s BUIDL Fund.
- A 10% USDC liquidity buffer helps ensure smooth redemptions.
- Self-custodied by institutions using Porto by Anchorage Digital.
- Code is fully open-sourced and audited by Offside Labs, Guardian Audits, and Pashov Audit Group.
The stablecoin is already integrated into Jupiter’s core products:
- Jupiter Lend: Users who deposit JupUSD earn jlJupUSD, a yield-bearing token with added rewards.
- Jupiter Perps: Over $500 million in USDC will be swapped into JupUSD, helping to consolidate liquidity.
- Limit orders, DCA tools, mobile app, prediction markets, and more will all incorporate JupUSD as primary collateral.
Strategic Goals and Ecosystem Impact
The Jupiter team has shared a long-term vision for JupUSD:
- Transition part of reserves to USDe to boost resilience and economic efficiency.
- Leverage unified dollar liquidity across all Jupiter products.
- Empower developers and users with a composable, secure, and deeply integrated stablecoin solution.
JupUSD is also a major play for Ethena’s B2B whitelabel model, showing how its infrastructure can be used by ecosystems like MegaETH and Sui to launch their own stablecoins. As Ethena co-founder Guy Young put it, JupUSD marks their “next major foray onto Solana.”
Community Response and Road Ahead
The launch of JupUSD has drawn widespread community interest. While many users praised the team’s vision and execution, some questioned the need for a new stablecoin when USDT and USDC already exist. Jupiter addressed this by emphasizing that owning the economics of a native stablecoin gives it more flexibility and value control across its products.
Future roadmap includes deeper integrations, such as:
- Borrow vaults for enhanced utility.
- A unified system for incentives.
- Expansion into token creation and offer books, with the help of the recently acquired Rain.fi.
SQ Magazine Takeaway
I think JupUSD is a bold and strategic move. Jupiter isn’t just adding another stablecoin to the pile. They’re reshaping how value flows across DeFi on Solana. By owning the stablecoin and the ecosystem it powers, they can optimize for performance, incentives, and user experience in ways no third-party stablecoin could. I’m especially intrigued by how this could encourage more DeFi platforms to launch native assets tailored to their own economies.
