Jupiter launches JupUSD stablecoin backed by BlackRock’s BUIDL fund
The Solana-native token is backed by USDtb and USDC and is designed to serve as a settlement asset across Jupiter’s DeFi stack.
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 on Monday, Jupiter said 90% of the stablecoin’s reserves will initially be held in USDtb, a licensed stablecoin collateralized by shares of BUIDL, BlackRock’s tokenized money-market fund. The remaining 10% will be held in USDC as a liquidity buffer, with a secondary pool on Meteora.
In an announcement shared with Cointelegraph, Jupiter said that JupUSD is issued as an SPL token, Solana’s standard token format, allowing it to integrate across Solana-based applications. The reserves are custodied by Porto through Anchorage Digital and verifiable onchain.