Jupiter Launches JupUSD, a Native Solana Stablecoin

[nihalsari]

Jupiter has launched JupUSD, a US dollar-pegged stablecoin issued natively on Solana in partnership with Ethena Labs. Jupiter said 90% of JupUSD’s reserves will initially be held in USDtb, a licensed stablecoin backed by shares of BlackRock’s tokenized money-market fund BUIDL, with the remaining 10% held in USDC for liquidity.

JupUSD is issued as an SPL token, allowing it to integrate across Solana-based applications. Reserves are custodied via Anchorage Digital and are verifiable onchain, while Ethena Labs will manage reserve operations, rebalancing and custody coordination using segregated addresses and transparent reporting.

[ed]

blackrock money market fund under the hood is not something i expected to see here