Jupiter, a decentralized finance (DeFi) platform built on Solana, has launched JupUSD, a stablecoin pegged to the US dollar. Developed in partnership with Ethena Labs and issued directly on the Solana
blockchain, about 90% of JupUSD’s reserves will be held in USDtb, a licensed stablecoin backed by shares of BlackRock’s tokenized money-market fund, BUIDL. The remaining reserves are held in USDC for liquidity, with additional support from a pool on Meteora. JupUSD is an SPL token, which is the standard format for tokens on Solana. This allows it to work easily with other Solana-based applications. Jupiter stated that the reserves are held through Porto and Anchorage Digital, with on-chain verification available to the public. Within Jupiter’s lending product, users can deposit JupUSD to earn a yield, and the token will also be added to Jupiter’s perpetual trading platform as a main collateral asset in the future. For institutions and market makers, JupUSD supports direct on-chain minting and redemption against USDC in a single transaction on Solana. Ethena Labs will manage JupUSD’s reserves. StraitsX announced plans to launch its XSGD and XUSD stablecoins on the Solana blockchain.
