Jupiter, the leading decentralized exchange (DEX) aggregator on Solana, has launched JupUSD, a new decentralized stablecoin, alongside a comprehensive suite of seven platform upgrades. The initiative is a core part of Jupiter's strategy to evolve into a central "superapp" hub for Solana's decentralized finance (DeFi) ecosystem.
JupUSD is a reserve-backed stablecoin pegged to the US Dollar, created in partnership with Ethena Labs. It is designed to be over-collateralized, transparent, and deeply integrated across Jupiter's entire product suite. Initially, 90% of its reserves will be held in USDtb, a stablecoin issued by Ethena that is itself backed by BlackRock's tokenized USD Institutional Digital Liquidity Fund (BUIDL). The remaining reserves are in USDC, with Ethena managing day-to-day reserve operations.
The stablecoin is immediately composable within Jupiter's ecosystem. Key integrations include Jupiter Lend, where JupUSD deposits will mint a reward-accruing token (jlJupUSD), and Jupiter Perps, where a phased transition will see about $500 million worth of USDC collateral in the JLP Pool swap into JupUSD to unify dollar liquidity. It will also power DCA orders, limit orders, serve as collateral for perpetuals trading, and be used for settlement in prediction markets.
Beyond the stablecoin, Jupiter announced a coordinated package of infrastructure upgrades targeting fragmented data, counterfeit assets, and a lack of professional tools. This includes:
1. A Developer Platform to standardize build kits and permissions for external teams.
2. A Terminal with unified execution, risk dashboards, and auditable market feeds.
3. The acquisition of Rain.fi, adding expertise in collateralized lending and pricing for less liquid assets.
The platform reports significant traction, with $1.08 trillion in combined spot and perpetuals volume in 2025 and $2.7 billion in Total Value Locked (TVL). Jupiter Lend recently exited beta, went fully open source, and surpassed $1 billion in total supply within eight days.
JupUSD's launch intensifies competition in the Solana stablecoin landscape, coinciding with other major projects like Western Union's planned US Dollar payment token with Anchorage Digital and the Solana Foundation's collaboration with Wavebridge on a KRW-pegged stablecoin.
