Jupiter Deploys BlackRock-Backed JupUSD; Native Stablecoin Targets Perps & Lending
Jupiter launches JupUSD with 90% backing from Ethena’s USDtb (BlackRock BUIDL), targeting immediate integration into its $500M perpetuals pool.
Jupiter has officially launched JupUSD, a native Solana stablecoin backed 90% by Ethena’s USDtb and 10% by USDC. The move cements the aggregator’s transition into a full-stack “Super App,” effectively vertically integrating the liquidity layer for its perpetuals and lending markets.
The BlackRock & GENIUS Connection
JupUSD is not merely another wrapper. Its primary collateral, USDtb, is issued by Ethena Labs and backed by BlackRock’s BUIDL fund (tokenized U.S. Treasuries). Crucially, USDtb is marketed as the first stablecoin aligned with the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act), a federal regulatory framework signed into law in mid-2025.
By composing JupUSD on top of USDtb, Jupiter inherits this regulatory moat while maintaining execution speed on Solana. Custody of the underlying assets is managed by Anchorage Digital, the only federally chartered crypto bank in the U.S.
Immediate Integration: The “Super App” Play
The protocol is wasting no time in bootstrapping utility. JupUSD is being integrated directly into Jupiter’s core products:
- Perpetuals (JLP): Approximately $500 million in USDC collateral currently sitting in the JLP pool will be gradually transitioned to JupUSD.
- Lending: Users depositing the stablecoin into Jupiter Lend will receive jlJupUSD, a liquid receipt token eligible for additional yield rewards.
- Settlement: It will serve as the unit of account for DCA tools, limit orders, and the platform’s prediction markets.
"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 Team
Market Reaction
JUP remained steady following the deployment, trading at $0.22 (+1.5% 24h) with volumes normalizing after the initial announcement. The market appears to be pricing in the long-term velocity of JupUSD rather than an immediate speculative pump.
