Solana-based decentralized exchange and liquidity platform Jupiter has introduced JupUSD, a U.S. dollar-pegged stablecoin developed together with Ethena Labs. The new token runs natively on Solana and uses a reserve system aimed at combining transparency, composability, and institutional-grade backing.
🚨 Jupiter launches native stablecoin JupUSD
— HodlFM (@Hodl_fm) January 6, 2026
JupUSD is backed 90% by @BlackRock and @ethena_labs USDtb. https://t.co/Is5tqOaDW0
JupUSD reserve design and custody
According to Jupiter, 90% of JupUSD’s reserve sits in USDtb, a licensed stablecoin backed by shares of BlackRock’s BUIDL, its tokenized money-market fund. The remaining 10% is kept in USDC to provide immediate liquidity and support secondary trading via a pool on Meteora.
The company said JupUSD issues through Solana Program Library (SPL) token standards, enabling seamless integration across the Solana ecosystem. Custody of the reserve assets is handled by Porto through Anchorage Digital, with holdings verifiable on-chain for transparency.
In the platform’s lending product, users who deposit JupUSD receive a yield-bearing version of that token. This token continues generating returns while being available for use across trading functions such as limit orders and dollar-cost averaging.
Expansion across Jupiter’s products
In a post on X, Jupiter Exchange stated:
“Next, we’re bringing JupUSD to the rest of our product suite: Limit Orders & DCA (rewards-while-you-wait), Mobile (one-balance UX), Perps (via JLP collateral), and prediction markets (settlement). One dollar, unified across every product.”
The platform plans to introduce JupUSD into its perpetuals feature, replacing USDC as collateral and liquidity gradually. By doing so, Jupiter aims to consolidate its ecosystem around a unified stable asset that moves efficiently across its suite of DeFi tools.
Institutions and market makers can perform on-chain minting and redemption of JupUSD against USDC in single-transaction settlement on Solana. This direct interaction lowers friction for professional participants while keeping settlement transparent and verifiable.
Ethena Labs’ role in reserve operations
Ethena Labs, the team behind the Ethena protocol and issuer of USDe and USDtb, manages JupUSD’s reserve operations. The company oversees custody coordination and rebalances backing assets using segregated on-chain addresses. These operations follow transparent capacity signals to ensure that reserves align with circulating supply and maintain a 1:1 peg.
Market response and context
Following the launch, Jupiter’s governance token JUP increased around 19% over the past week, according to CoinGecko data. The stablecoin launch represents Jupiter’s step toward managing internal liquidity and settlement infrastructure while deepening its integration with the broader Solana network.
A wave of platform-native stablecoins
JupUSD’s debut highlights an ongoing shift in the digital asset sector. The $317 billion stablecoin market, historically dominated by Tether’s USDT and Circle’s USDC, has seen a new wave of application-specific tokens emerging since 2025.
In August, MetaMask, the self-custodial wallet by Consensys, announced a U.S. dollar-denominated stablecoin for use across its wallet and the Linea DeFi ecosystem. The token supports swaps, on-ramps, and bridging within MetaMask’s infrastructure.
In September, Hyperliquid, a DeFi perpetual futures exchange, introduced USDH, a stablecoin jointly managed with Native Markets and backed mainly by cash and short-term U.S. Treasury equivalents.
Klarna, the Swedish payments and digital banking company, launched a dollar-pegged stablecoin on the Tempo blockchain in November, initially using the asset internally to reduce international payment costs.
Most recently, on December 18, SoFi Technologies rolled out SoFiUSD, a fully reserved dollar token for settlement across fintech and enterprise payment platforms.
Jupiter’s introduction of JupUSD places Solana’s largest DEX among the growing number of projects choosing to issue their own native stable assets for efficiency and vertical integration.
Gunel Ismayilova
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