TLDR
- Jupiter has launched its native stablecoin JupUSD in collaboration with Ethena Labs.
- JupUSD is backed 90% by USDtb, which is collateralized by BlackRock’s tokenized BUIDL fund.
- The stablecoin will be integrated across Jupiter’s entire product suite including lending and perps trading.
- Users depositing JupUSD on Jupiter Lend will receive a reward-accruing token called jlJupUSD.
- Around 500 million dollars worth of USDC will transition into JupUSD in the Jupiter Perps JLP Pool.
Jupiter has launched its native stablecoin, JupUSD, which will be backed 90% by USDtb and integrated across its superapp, the company announced Monday, confirming its collaboration with Ethena Labs. The new asset will serve as a composable unit of account within Jupiter’s ecosystem, including its lending, perps trading, staking, token issuance, and prediction markets. The move marks Jupiter’s expansion beyond DEX aggregation and introduces a unified liquidity structure using JupUSD.
JupUSD to Power Jupiter’s Unified Liquidity Suite
Jupiter confirmed that JupUSD will serve as a collateral asset and settlement token across its core product offerings. The token will power tools such as dollar-cost averaging, limit orders, and a “one-balance UX” for mobile users. According to Jupiter, the stablecoin is immediately compatible with all in-app features.
The integration includes Jupiter Lend, where users depositing JupUSD will receive jlJupUSD, a yield-bearing reward token. In parallel, Jupiter Perps’ JLP Pool will begin a staged transition from USDC to JupUSD as part of its liquidity strategy. Ethena stated that $500 million in USDC from the JLP will convert into JupUSD.
The goal is to unify dollar liquidity across all Jupiter product lines under one collateral base. Ethena noted, “JupUSD shows how protocols owning the economics of stablecoin integrations can increase value returned to users.” Jupiter highlighted that the transition will improve efficiency and user experience across all interfaces.
Ethena Leads Reserve Operations with USDtb Collateral
Ethena Labs will manage the reserve operations of JupUSD, which will be fully backed by USDtb and USDC. USDtb, issued by Ethena, is itself collateralized by BlackRock’s BUIDL tokenized fund. The stablecoin backing structure ensures transparency and institutional-grade reserve management.
Jupiter announced that institutions and market makers can mint JupUSD on-chain using USDC in a single transaction. The platform will publish limits and available capacity to assist teams in managing their flows. Redemptions will remain open as long as the USDC on-chain buffer is maintained.
Ethena stated that 90% of JupUSD reserves will initially be held in USDtb. The remaining reserves will be backed by USDC, balancing liquidity and flexibility. This structure aims to offer 24/7 minting and redemption with clear operational boundaries.
JupUSD Launch Boosts Ethena’s Whitelabel Strategy
The launch of JupUSD showcases Ethena’s broader whitelabel service for helping blockchain platforms deploy native stablecoins. Ethena described this initiative as leveraging “best-in-class infrastructure and collateral assets” to support other ecosystems. Partners like MegaETH and Sui are also expected to adopt similar models.
Meteora, a Solana-based DEX aggregator, will provide a secondary pool to enhance liquidity for JupUSD. This partnership helps ensure that users and LPs can access and trade the stablecoin efficiently. It also helps Jupiter maintain liquidity balance across different trading venues.
Guy Young, Ethena’s co-founder, said, “JupUSD represents our next major foray onto Solana,” underlining the firm’s network expansion plans. With JupUSD now live, Jupiter expects it to play a central role in the protocol’s product and liquidity architecture. The company confirmed further updates will be shared as integrations scale.
JupUSD is now active across Jupiter’s product suite. Jupiter will continue the collateral transition process from USDC into JupUSD over time. The team is targeting broad adoption across ecosystem partners and apps.
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