Jupiter, a Solana-based DeFi protocol and buying and selling platform, has launched JupUSD, a dollar-pegged stablecoin issued natively on Solana and developed in partnership with Ethena Labs.
In an X submit on Monday, Jupiter stated 90% of the stablecoin’s reserves will initially be held in USDtb, a licensed stablecoin collateralized by shares of BUIDL, BlackRock’s tokenized money-market fund. The remaining 10% shall be held in USDC as a liquidity buffer, with a secondary pool on Meteora.
In an announcement shared with Cointelegraph, Jupiter stated that JupUSD is issued as an SPL token, Solana’s customary token format, permitting it to combine throughout Solana-based functions. The reserves are custodied by Porto by Anchorage Digital and verifiable onchain.
Inside Jupiter’s lending product, JupUSD deposits mint a yield-bearing JupUSD token that may proceed accruing returns whereas being utilized in options reminiscent of restrict orders and dollar-cost averaging. The corporate additionally plans to combine JupUSD into its perpetuals platform, step by step transitioning USDC (USDC) collateral and liquidity pool balances.
For establishments and market makers, Jupiter stated JupUSD helps onchain minting and redemption in opposition to USDC by single-transaction settlement on Solana.
Ethena Labs, which develops the Ethena protocol and points the USDe and USDtb stablecoins, will handle reserve operations, together with custody coordination and rebalancing between backing property, utilizing segregated onchain addresses and clear capability alerts, based on the announcement.
Jupiter’s native token, JUP, has risen about 18% over the previous seven days, based on CoinGecko knowledge.
Associated: MarketVector, Amplify roll out stablecoin, tokenization benchmark, ETFs
Software-specific stablecoins emerge
Whereas the roughly $308 billion stablecoin market stays dominated by Tether’s USDt (USDT) and USDC, 2025 noticed the emergence of a brand new wave of application-specific stablecoins tied to particular person platforms and ecosystems.
In August, MetaMask, a self-custodial pockets developed by Consensys, introduced a US dollar-denominated stablecoin supposed to be used throughout its pockets and the Linea DeFi ecosystem. MetaMask stated the token shall be built-in into options reminiscent of swaps, on-ramps and bridging.
In September, Hyperliquid, a DeFi perpetual futures change, launched USDH as a local stablecoin to be used as collateral and settlement on the platform. The stablecoin is managed by Native Markets and backed by money and US Treasury equivalents.
In November, Klarna, a Swedish funds and digital banking firm, launched a dollar-pegged stablecoin on the Tempo blockchain. A Klarna spokesperson instructed Cointelegraph that the corporate is initially utilizing stablecoin know-how for inside functions, together with decreasing the price of worldwide funds.
Most lately, on Dec. 18, SoFi Applied sciences launched SoFiUSD, a totally reserved US greenback stablecoin designed to assist low-cost settlement for fintechs, banks and enterprise platforms.
Journal: How crypto legal guidelines modified in 2025 — and the way they’ll change in 2026