Jupiter rolls out native JupUSD stablecoin backed 90% by BlackRock and Ethena's USDtb

Solana-based infrastructure provider Jupiter is rolling out its native stablecoin, JupUSD, created in partnership with Ethena Labs.

The stablecoin will be a key component of Jupiter’s growing "superapp" as the platform continues to expand beyond its beginnings as a DEX swap aggregator into spot and perps trading, lending, staking, token creation, prediction markets, and other functions.

According to Monday's announcement, JupUSD will be immediately composable "across the entire Jupiter product suite" and serve as a unit of account for the protocol.

These native integrations include integrations on Jupiter Lend, where JupUSD deposits will mint a reward-accruing token called jlJupUSD, and into Jupiter Perps’ JLP Pool, which will see a "phased transition of USDC collateral and LP balances" to "unify dollar liquidity across the stack."

About $500 million worth of USDC on the Jupiter Perps LP (JLP) will swap into JupUSD, Ethena said.

The stablecoin will also power Jupiter’s limit orders and dollar-cost averaging tools, provide "one-balance UX" for its mobile app, serve as collateral for perps trading, and be used for settlement in prediction markets, Jupiter said on X.

JupUSD backing

JupUSD is backed by the dollar-pegged USDtb and USDC stablecoins, with Ethena managing "day-to-day reserve operations." USDtb, issued by Ethena, is itself backed by BlackRock's tokenized USD Institutional Digital Liquidity Fund (BUIDL).

"For onboarded institutions and market makers, JupUSD offers 24/7 minting in a single on-chain transaction against USDC, with published limits and clear capacity so teams can plan flows," Jupiter said. Redemptions will be available "whenever the on-chain USDC buffer is sufficient," with the team targeting "continuing availability."

Initially, 90% of reserves will be held in USDtb. Alternative DEX aggregator Meteora will offer a secondary pool to help boost liquidity.

Jupiter previously told The Block that JupUSD plans to introduce additional backing assets, including USDe, Ethena’s flagship asset, which is primarily associated with Ethereum but has rolled out on Solana.

Ethena whitelabel

JupUSD represents a significant launch for Ethena’s B2B “whitelabel” service offering, which leverages its "best-in-class infrastructure and collateral assets" to help blockchain-based applications and networks — like MegaETH and Sui — launch native stablecoins.

"We expect that JupUSD will be a testament to how protocols owning the economics of their stablecoin integrations can: 1. Make products more efficient 2. Increase value returned to their ecosystem and users," Ethena said.

Ethena co-founder Guy Young also noted JupUSD represents Ethena's "next major foray onto Solana," as the team looks to break into new product areas.