Solana-based DeFi platform Jupiter has launched JupUSD, a dollar-pegged stablecoin developed with Ethena Labs.
Jupiter said 90% of JupUSD reserves will be held in USDtb, which is backed by BlackRock’s tokenised money-market fund BUIDL.
The remaining 10% of reserves will be held in USDC to provide liquidity support.
JupUSD is issued as an SPL token, allowing integration across Solana-based decentralised applications.
Reserves are custodied by Porto through Anchorage Digital and can be verified onchain.
Within Jupiter’s lending products, deposits generate a yield-bearing version of JupUSD while remaining usable across trading features.
Jupiter plans to gradually replace USDC collateral with JupUSD across its perpetuals platform.
Institutional users and market makers can mint and redeem JupUSD onchain through single-transaction settlement.
Ethena Labs will manage reserve operations, including custody coordination and asset rebalancing.
Jupiter said segregated onchain addresses and transparent reserve signals will be used.
The launch comes as application-specific stablecoins gain traction across DeFi ecosystems.
Jupiter’s native token JUP has risen around 18% over the past week.
At the time of reporting, Jupiter price was $4.80.