Jupiter Launches JupUSD Stablecoin Backed by BlackRock’s BUIDL on Solana
Jupiter launched JupUSD, a Solana-native stablecoin initially backed 90% by BlackRock's BUIDL-collateralized USDtb.Summary
Jupiter, a Solana DeFi protocol, has launched JupUSD, a dollar-pegged stablecoin developed with Ethena Labs and issued as an SPL token on Solana. Initially, 90% of its reserves will be held in USDtb, which is collateralized by shares of BlackRock’s tokenized money-market fund, BUIDL, with the remaining 10% held in USDC for liquidity. Reserves are custodied by Porto via Anchorage Digital and are on-chain verifiable. JupUSD deposits in Jupiter’s lending product mint a yield-bearing token, and the protocol plans to integrate it into its perpetuals platform. Ethena Labs will manage reserve operations, including custody and rebalancing. This launch follows a trend of application-specific stablecoins emerging in the market, such as those from MetaMask and Hyperliquid.
(Source：Cointelegraph)