Jupiter has rolled out JupUSD, a native stablecoin developed with Ethena that will serve as a core settlement and collateral asset across the Solana-based platform. The stablecoin is backed by USDC and USDtb, with roughly 90% of reserves initially allocated to USDtb, a tokenized dollar asset linked to BlackRock’s institutional liquidity fund. Ethena will manage reserve operations and on-chain minting and redemption processes.
JupUSD is being integrated across Jupiter’s product suite, including lending, perpetual futures, limit orders, and prediction markets. The platform plans to transition approximately $500 million in USDC collateral within its perpetuals liquidity pool into JupUSD, consolidating dollar liquidity and standardizing capital usage across services.
The launch reflects a broader trend among crypto platforms toward proprietary stablecoins supported by institutional-grade collateral. For Ethena, JupUSD expands its white-label stablecoin model and deepens its presence on Solana, while Jupiter strengthens control over its internal liquidity and user experience.
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