Crypto: Jupiter launches JupUSD, a stablecoin backed by BlackRock's fund

Stablecoins are proliferating. Almost every week, a new initiative arises in the crypto-sphere. Their promise? Stability backed by the US dollar, but blockchain-style. While the United States multiplies economic fronts, these digital tokens backed by (more or less) solid reserves present themselves as the new guardians of digital financial balance. And what if, behind this explosion of stablecoins, there was a geopolitical asset? Or, to put it more bluntly: are stablecoins a golden parachute for the dollar?

JupUSD: the Trojan horse of the dollar in the DeFi universe

Jupiter, one of the DeFi locomotives on Solana, has just pulled out JupUSD, a native stablecoin of its ecosystem. The main ingredient of this new recipe? BlackRock’s BUIDL fund, via the USDtb stablecoin. 90% of JupUSD’s reserves are backed by this regulated asset, the rest being in USDC to guarantee immediate liquidity via Meteora.

The JupUSD token was designed as an SPL token, Solana’s native standard, with a clear intention: “to unify the user experience” across all bricks of the Jupiter ecosystem. From perpetuals to market prediction, including mobile and limit orders, everything aligns around the home digital dollar.

Transparency? It materializes through institutional custody ensured by Porto (via Anchorage Digital), with multiple audits before launch. Jupiter emphasizes this point:

JupUSD was designed with a security-centered approach. This implies institutional-level self-custody ensured via Porto by Anchorage Digital. Furthermore, the source code is fully open source, with three independent audits conducted by Offside Labs, Guardian Audits, and Pashov Audit Group before launch.

Ethena Labs: the craftsman of the JupUSD stablecoin mechanisms

Behind the facade of JupUSD lies Ethena Labs, a discreet but strategic player. They orchestrate reserve operations, flow management, and asset allocation. Their expertise has already been proven with USDe and USDtb. For JupUSD, Ethena uses distinct and public on-chain addresses, ensuring traceability of operations.

The goal is clear: to create a stable token that is resilient, flexible, and productive. Thanks to Jupiter Lend, users can deposit their JupUSD and receive jlJupUSD, a token offering unique promotional rewards, in addition to classical lending gains. This strategy incentivizes long-term holding and strengthens liquidity.

Ethena doesn’t hide its ambitions:

We believe that JupUSD will demonstrate how protocols, by mastering the economics of their stablecoin integrations, can: 1. make their products more efficient, 2. increase the value redistributed to their ecosystem and their users. 

Crypto and digital dollar: towards a backstage war of stablecoins?

The multiplication of so-called “native” stablecoins seems to be turning into a global strategy. MetaMask, Klarna, SoFi, Hyperliquid… all want their own dollar-parity token. Why rely on a USDT or USDC when you can hold the key to your own liquidity?

At Jupiter, the narrative is clear: it is about unifying dollar liquidity across the entire infrastructure. Result: 500 million dollars in USDC will gradually migrate to JupUSD, notably in the Jupiter Perps pool.

And this trend appeals beyond individual traders. Institutions can strike or buy JupUSD at any time via single transactions on Solana, with capacities published in advance.

The current dynamic shows that every DeFi player wants to control their flows, margins, and currency. Decentralization no longer excludes hyper-integration. Perhaps this is the real turning point of the crypto industry: no longer depending on the stablecoin “sacred cows.”

Some key figures and facts

• 90% of JupUSD reserves are in USDtb, backed by BlackRock’s BUIDL fund;
• 500 million dollars of USDC are in the process of being converted to JupUSD;
• JUP, Jupiter’s native token, soared 18% in one week;
• JupUSD is an SPL token, natively compatible with the entire Solana ecosystem;
• The global stablecoin market is worth about 308 billion dollars.

As the year closes, USD1, the stablecoin supported by Donald Trump, surpasses 3 billion dollars in market capitalization. Another piece in the American digital monetary puzzle. While the world wonders who will dominate the next era of the crypto-dollar, some have already placed their tokens.