Yeliz Akmaca 
Jupiter has unveiled its BlackRock-backed stablecoin, JupUSD, built on the Ethena Labs infrastructure and integrated into the Solana ecosystem. The platform aims to strengthen its DeFi strategy by enhancing liquidity through the new token.
According to Ethena, approximately $500 million in USDC held in the Jupiter Perps LP (JLP) will be converted to JupUSD. This move is intended to unify dollar liquidity across the ecosystem and ensure stability during transition periods. Jupiter’s official X account also announced that JupUSD has arrived for on-chain finance, highlighting its integration across Jupiter products.
JupUSD’s Functional Role
JupUSD will play a critical role across Jupiter’s platform:
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Supporting Jupiter’s limit orders
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Powering dollar-cost averaging (DCA) tools
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Providing a single-balance user experience in the mobile app
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Acting as collateral for perpetual (perps) trading
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Serving as a settlement and payment method in prediction markets
JupUSD deposits on Jupiter Lend will mint a reward-accruing token called jlJupUSD.
Reserve and Liquidity Structure
JupUSD reserves are 90% backed by USDtb, with the remainder held in a USDC buffer to facilitate transitions and liquidity. Ethena manages daily reserve operations, and USDtb itself is supported by BlackRock’s tokenized USD Institutional Digital Liquidity Fund (BUIDL).
This USDC conversion will occur in phases and is planned to unify dollar liquidity across the entire platform. Alternative DEX aggregator Meteora will provide a secondary liquidity pool to support the transition.
Institutions and market makers can mint JupUSD 7/24 in a single on-chain transaction against USDC, with published limits and clear capacity, allowing teams to plan flows. Redemptions are available whenever the on-chain USDC buffer is sufficient, with continuous availability targeted.
This structure strengthens the platform’s liquidity and security perception.
Market Data and Institutional Collaboration
As of January 5, 2026, Jupiter (JUP) is priced at $0.22, with a market cap of $686,392 and a 24-hour trading volume of $30.40 million. Despite a 0.88% drop in the past day, weekly performance rose 11.37%.
BlackRock’s backing enhances JupUSD’s appeal to institutional investors and signals stronger potential for corporate collaborations in the DeFi market. However, risks remain for investors until official reserve details are fully disclosed.