Jupiter, a Solana-based DeFi protocol and trading platform, has launched JupUSD, a dollar-pegged stablecoin issued natively on the Solana platform and developed in partnership with Ethena Labs.
In Monday’s post, X Jupiter said that 90% of the stablecoin’s reserves will initially be held in USDtb, a licensed stablecoin backed by shares of BUIDL, BlackRock’s tokenized money market fund. The remaining 10% will be held in USDC as a liquidity buffer, with an additional pool in Meteora.
In an announcement shared with Cointelegraph, Jupiter said JupUSD is issued as an SPL token, which is Solana’s standard token format for integration with Solana-based applications. Reserves are held by Porto through Anchorage Digital and can be verified online.
Under the Jupiter lending product, JupUSD deposits generate a yield-producing JupUSD token, which can continue to generate returns when used in features such as limit orders and dollar-cost averaging. The company also plans to integrate JupUSD into its perpetual platform, gradually moving collateral and liquidity pool balances to USDC (USDC).
For institutions and market makers, Jupiter said JupUSD supports on-chain minting and redemption over USDC through single-transaction settlement on the Solana platform.
According to the announcement, Ethena Labs, which develops the Ethena protocol and issues the USDe and USDtb stablecoins, will manage reserve operations, including deposit coordination and rebalancing between collateral assets, using segregated onchain addresses and clear capacity signals.
According to CoinGecko, Jupiter’s native token, JUP, is up about 18% in the last seven days data.
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App-specific stablecoins are emerging
While approximately $308 billion The stablecoin market remains dominated by USDt (USDT) and USDC Tether. In 2025, a up-to-date wave of application-specific stablecoins emerged, tied to particular platforms and ecosystems.
In August, MetaMask, a self-hosted wallet developed by Consensys, announced the launch of a US dollar-denominated stablecoin intended for exploit across the Linea DeFi wallet and ecosystem. MetaMask says the token will be integrated with features such as swapping, ramping, and bridging.
In September, Hyperliquid, a DeFi perpetual futures exchange, launched USDH as a native stablecoin for exploit as collateral and settlement on the platform. The stablecoin is managed by Native Markets and backed by US Treasury cash and equivalents.
In November, Klarna, a Swedish payments and digital banking company, launched a dollar-pegged stablecoin on the Tempo blockchain. A Klarna spokesperson told Cointelegraph that the company is initially using stablecoin technology for internal purposes, including lowering the cost of international payments.
Most recently, on December 18, SoFi Technologies launched SoFiUSD, a fully reserved US dollar stablecoin designed to support low-cost settlements for fintechs, banks and enterprise platforms.
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