Jupiter launches JupUSD on Solana backed largely by USDtb tied to BlackRock’s BUIDL

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, Jupiter said 90% of JupUSD’s reserves will initially be held in USDtb, a licensed stablecoin collateralized by shares of BUIDL, BlackRock’s tokenized money-market fund, with the remaining 10% held in USDC as a liquidity buffer and a secondary pool on Meteora.

In an announcement shared with Cointelegraph, Jupiter said JupUSD is issued as an SPL token to integrate across Solana applications, and that reserves are custodied by Porto through Anchorage Digital and verifiable onchain. Jupiter said deposits in its lending product mint a yield-bearing JupUSD token that can continue accruing returns while being used for 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, and supports onchain minting and redemption against USDC through single-transaction settlement on Solana for institutions and market makers.

The announcement said Ethena Labs will manage reserve operations, including custody coordination and rebalancing using segregated onchain addresses and transparent capacity signals.

Key Topics

Crypto, Jupiter, Jupusd, Ethena Labs, Usdtb, Buidl