Jupiter Launches JupUSD Stablecoin Backed by BlackRock’s BUIDL on Solana

Jupiter launched JupUSD (JupUSD), a DeFi protocol and trading platform based on Solana, a Dollar Page stablecoin developed on Solana and developed in partnership with Etena Labs.

In an X post on Monday, Jupiter said that 90% of the stock of the stablecoin will first be held in USDtb, the licensed stablecoin BUIDL, collateralized by the shares of the BlackRock tokenized money-market fund. The remaining 10% is held by USDC as a liquidity buffer, a second pool on Meteora.

In an announcement shared with Cointelegraph, Jupiter said that JPUUSD is Solana's standard token format, the SPL token, which enables integration of Solana-based applications. Reservations are secured in Puerto Rico through Anchorage Digital and verified onchain.

In Jupiter's credit product, JupUSD positions the profit-making JupUSD token when used as limit orders and dollar-cost averaging features. The company plans to integrate JUSD into its perpetual platform, gradually transitioning USDC holdings and liquidity pool balances.

According to Jupiter for institutions and market makers, JUPUSD supports onchain creation and redemption of USD through a single trading agreement on Solana.

Athena Labs, which develops the Athena protocol and issued the USDe and USDtb stablecoins, will manage backup operations, security coordination and balancing between backup assets, using distributed onchain addresses and transparent capacity tokens, according to the announcement.

Jupiter's native token JUP is up 18% in the past seven days, according to CoinGecko data.

Related: MarketVector, Amplify roll out stablecoin, tokenization benchmark, ETFs

App-specific stablecoins emerge

While the nearly $308 billion stablecoin market remains dominated by Tether USDT (USDT) and USDC, 2025 saw the emergence of new app-based stablecoins tied to private platforms and ecosystems.

In August, MetaMask announced a US dollar-denominated stablecoin intended for use on its wallet and the Linea DeFi ecosystem, a self-protecting wallet developed by Consensys. MetaMask says the token will integrate with features like swaps, ramps and bridges.

In September, Hyperliquid, a DeFi perpetual futures exchange used USDH as a native stablecoin as collateral and settlement on the platform. Stable Coin is managed by Native Markets and cash and US Treasury equivalents.

In November, Klarna, a Swedish payments and digital banking company, released the Dollar Page stable coin on the Tempo blockchain. A Klarna spokesperson told Cointelegraph that the company is initially using Statcoin's technology for internal purposes, reducing the cost of international payments.

Most recently, on December 18, SoFi Technologies launched SoFiUSD, a fully owned US dollar stablecoin designed to support low-cost settlement for fintechs, banks and corporate platforms.

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