Jupiter, a DeFi and trading platform built on Solana, has launched JupUSD – a USD- Peg stablecoin, issued directly on Solana and developed in collaboration with Ethena Labs.
In a post on X on Monday, Jupiter stated that 90% of JupUSD's reserves will initially be held in USDtb – a licensed stablecoin backed by shares of BUIDL, BlackRock's Tokenize money market fund. The remaining 10% will be held in USDC as a liquidation buffer, with a secondary pool on Meteora.
JupUSD is issued as an SPL Token – Solana 's standard Token – making it easy to integrate into applications within the Solana ecosystem. The reserve asset is held in custody by Porto via Digital Anchorage and is directly verifiable on-chain.
In Jupiter's lending product, when users deposit JupUSD, they Mint a yielding version of JupUSD, allowing them to continue earning profits while also using it for features such as limit orders and DCA (Discontinued Capital Acquisition). Jupiter also plans to integrate JupUSD into its perpetuals trading platform, gradually shifting the Vai of USDC in collateral and liquidation pools.
For institutions and market makers, Jupiter states that JupUSD supports Mint and direct on-chain redemption with USDC through a single-transaction settlement mechanism on Solana.
Ethena Labs – the developer of the Ethena protocol and issuer of the USDe and USDtb stablecoins – will be responsible for managing the reserve operations, including coordinating custody and rebalancing between the underlying assets. The entire process is carried out through separate and transparent on-chain addresses, according to the project announcement.
Follow CoinMoi to stay updated on the hottest issues in the crypto market. Okay!!!
The article Jupiter launches JupUSD stablecoin backed by BlackRock first appeared on CoinMoi .
