JupUSD

JupUSD is a Solana-native stablecoin issued by Jupiter in partnership with Ethena Labs, designed to maintain a value of one US dollar. It is aimed at users and protocols within the Solana ecosystem who need a dollar-denominated token for trading, payments, or other on-chain activity. It addresses the demand for a regulated, reserve-backed dollar token that does not expose holders to yield mechanics or algorithmic supply adjustments.

JupUSD lives on the Solana blockchain and is minted or redeemed through controlled mechanisms against reserves held in institutional custody, which at launch consist of USDC and Ethena's USDtb, where USDtb itself is backed by tokenized US Treasury exposure. Issuance infrastructure is provided by Ethena Labs' Stablecoin-as-a-Service platform, meaning the token supply expands or contracts as participants deposit or withdraw eligible reserve assets. JupUSD does not accrue yield to holders, so the token's sole function within the system is to serve as a dollar-pegged unit of account and medium of exchange.

JupUSD does not generate a fee stream for holders or distribute yield of any kind, as is stated explicitly in the project description. This means that fee-based measures such as protocol revenue or yield metrics are not applicable here and are not tracked on this page. The circulating supply stands at approximately 48,260,185 tokens at the point-in-time reading, and the 30-day change in stablecoin supply is negative 9.13 percent over the last 30 days, indicating the outstanding supply has contracted in that window. Any economics tied to reserve management or custody arrangements are handled by the issuing parties rather than passed through to token holders.