Verify what backs a stablecoin
DIA Value computes intrinsic fair value for stablecoins from reserves and on-chain data, so backing and peg health can be verified.
Supply
<0.1% of USD stablecoin supply · 45th of 70 USD stablecoins with supply
Chains
51st of 70 USD stablecoins read on chain · median 2
Holders on Solana
Share of supply in lending
at least · USD median 4.0%
Best yield
ranked by lower of 30d and spot APY × deposits · Jupiter Lend · 7.59% base, 0% rewards · 30-day avg 7.16%
jupUSD is a USD stablecoin issued by Jupiter (jupUSD).
jupUSD is a Solana-native stablecoin pegged 1:1 to the US dollar, built by Jupiter in partnership with Ethena. The documentation sets a target reserve composition of 90% USDtb and 10% USDC, rebalanced daily. The transparency page lists most of the reserves with Anchorage Digital, plus smaller USDC balances at Coinbase Custody and in the onchain program buffer.
Direct minting and redemption is restricted to registered benefactors, meaning KYC or KYB verified market makers and institutional partners. Other holders buy jupUSD on Jupiter Swap or another Solana venue. A 0.04% fee applies to every mint and redeem through the program.
jupUSD does not accrue yield. The Treasury bill yield earned by the reserves reaches holders only through JUICED, a separate token that represents a jupUSD deposit in Jupiter Lend.
Sources: Jupiter user documentation, JupUSD, JupUSD transparency page
38.8M jupUSD in circulation, all on Solana. That is <0.1% of the USD stablecoin supply on the map, 45th largest of 70.
All USD stablecoins, 30d: the change in DeFiLlama circulating supply summed over the 64 USD stablecoins with a reading at both ends of the window. Wrappers and rebasing stablecoins are left out. It is DeFiLlama’s figure, not a DIA read.
Source: DIA first-party onchain reads, the series the chart draws. Each figure is the change in the supply DIA reads across jupUSD’s chains between two daily snapshots. Not mints minus redeems: DIA does not publish issuance flow.
Share and rank are against the combined supply of the 70 active USD stablecoins on the map, each valued at DIA’s own read and price where DIA holds one and at DeFiLlama’s circulating figure otherwise. Wrappers are left out, as in every total on the map.
38.8M jupUSD
<0.1% of all USD stablecoin supply, #45 of 70
All supply on Solana
Solana38.8M jupUSD · 100.0%Supply growth
Counted on Solana. Includes contracts and issuer treasuries. Shares are of the whole supply on Solana. This source serves no addresses, so nothing is left out.
Source: Solana RPC.
14,403holders on Solana
| jupUSD | |
|---|---|
| Top holder | 43.6% |
| Top 10 | 90.4% |
| Top 50 | 98.0% |
| Top 100 | 98.9% |
Includes contracts and issuer treasuries. Shares are of the whole supply on Solana. This source serves no addresses, so nothing is left out.
jupUSD's typical daily move over the last 90 days was 4.0 bps, steadier than 41 of 66 other USD stablecoins.
By default jupUSD sits beside its largest USD peer by current supply. Add more from the picker below the chart. Figures are in basis points: 100 bps = 1%.
Peg volatility is how much jupUSD's price swings around $1 from one day to the next: the standard deviation over 30 or 90 days. A stablecoin that sits steadily at $0.998 scores near zero. Largest deviation is the single day in the last 12 months furthest from $1, signed.
Median of peers, off by default, is the middle value among the peers currently shown; turn it on from the chart's controls.
The ranking counts every active USD stablecoin with at least two daily prices in the last 90 days.
Prices are daily closes at 00:00 UTC, from DeFiLlama with CoinGecko where DeFiLlama has no price. The chart beside this panel plots those same daily closes, so every figure in the table can be found on a line here. DeFiLlama quoted rounded and filled prices until 30 September 2025, so for USDT and USDC the closes before 1 October 2025 are the median of exchange closes instead, and a filled $1.0000 close is left out of the typical move and the largest move.
Stablecoins whose value rises by design, such as savings wrappers, are left out. Their price is a yield curve, not a peg.
Only USD stablecoins are compared. Other currencies are priced through a daily exchange rate fixed at a different time of day from the stablecoin's close. That gap shows up as the same false depeg on every stablecoin of the currency at once.
4.0 bps
Peg volatility, 90 days
typical day-to-day swing around $1
Over the last 90 days, jupUSD's daily swings around $1 were smaller than those of 41 of 66 other USD stablecoins.
| Stablecoin | Today | 30d | 90d | Largest |
|---|---|---|---|---|
| No price today | 3.5 bps | 4.0 bps | −18 bps (−0.18%) | |
 USDT | −13 bps (−0.13%) | 3.3 bps | 3.6 bps | −21 bps (−0.21%) |
Jupiter names two mechanisms. Market makers with mint and redeem access arbitrage the price across Solana venues, buying below $1 to redeem at par and minting to sell above it. An automated bot monitors the price and uses the same program to correct deviations.
The program checks collateral prices before it acts, reading Pyth, Chainlink and Chaos Labs feeds to verify that USDC or USDtb has not depegged. There is no fallback. If the Pyth feed is stale or its confidence interval is too wide, the transaction fails with a PriceConfidenceTooWide or NoValidPrice error. Typical benefactor limits run to 40 million minted and 10 million redeemed in an hour, and 100 million each per day.
Sources: Jupiter developer documentation, JupUSD mint and redeem, Jupiter user documentation, JupUSD peg stability
Where jupUSD is supplied in DeFi lending markets, what it earns there and the DEX pools it trades in.
At least this much jupUSD is supplied to lending markets DIA reads onchain, where it can be borrowed. The figure is gross: most of it is on loan, and a borrower can deposit borrowed jupUSD again, so the same money can count more than once. Coins posted only as isolated collateral (Morpho-style) are not counted. Excludes DEX liquidity, CDP collateral, and chains or protocols DIA does not yet track.
Source: DIA's own reads of each lending contract. Balances, supply and borrow rates and utilisation all come from the same read. A market not refreshed in the last 3 days, holding under $1,000 of jupUSD, or pinned at full utilisation with runaway interest is left out.
DIA has no price snapshot on file for jupUSD, so balances are converted using an aggregated market data price instead of DIA's own read.
The balance in lending markets is larger than jupUSD's own supply, because borrowed jupUSD is deposited again. The share is shown as 100%+.
Both figures are averages across markets, weighted by how much jupUSD each market holds. A $1B market counts a thousand times more than a $1M one. Markets holding 100% of the balance report an APY.
Ranks and the median compare jupUSD with the 41 USD stablecoins that have a published lending balance on this map, each measured the same way. Coins with no balance in a market DIA reads are not in the median.
$48.8M100%+ of supply
More than 100% because loans are redeposited.
supplied to 2 lending markets on 2 protocols
Median across 41 USD stablecoins in lending markets: 4.0%
93%
Borrowed
share of supplied jupUSD now on loan
5.83%
Average supply APY
weighted by jupUSD balance in each market
By protocol
100.0%$48.7MSolanaJupUSD$48.7M5.83%93%<1%$20KSolanaJupUSD$20K6.03%93%jupUSD in lending markets, by chain, largest first. The bar is each chain's share of jupUSD's lending balance.
Solanain 2 lending markets100%$48.8MAmong 41 USD stablecoins in lending markets
Top 3 jupUSD pools by TVL with a quoted APY.
TVL is what is deposited in the pool. For lending pools, that is before loans are taken out.
| APY | Composition | 30d avg | Quality | Protocol | Chain | Rewards | ▼TVL | Type |
|---|---|---|---|---|---|---|---|---|
7.59% | 7.16% | OrganicStable | Solana | +0.00% | $45.8M | Lending | ||
0.04% | 0.16% | LP fees · IL riskVolatile | Solana | +0.00% | $3.9M | LP | ||
0.61% | 0.38% | LP fees · IL riskVolatile | Solana | +0.00% | $3.8M | LP |
Source: DeFiLlama, DexScreener and on-chain balances, updated 1 Nov 2026.
jupUSD in pool is jupUSD's own side of the pool, at its USD price. Pool liquidity counts both sides.
$3.2M of jupUSD sits in 2 DEX pools across 2 DEXs.
| DEX | Pair | Chain | Pool liquidity | ▼jupUSD in pool | 24h volume |
|---|---|---|---|---|---|
| JupUSD / USDC | Solana | $3.9M | $1.7M | $111.6K | |
| JupUSD / USDC | Solana | $3.9M | $1.5M | $629.1K |
The JLP pool, counterparty to traders on the SOL, ETH and wBTC markets of Jupiter Perps, holds jupUSD as one of six custody assets, alongside SOL, ETH, wBTC, USDC and USDT.
A jupUSD deposit in Jupiter Lend returns JUICED, a vault share whose exchange rate against jupUSD increases as yield accrues. JUICED pays a static 3% Treasury bill yield up to 100 million JUICED supply, after which the per-unit rate falls as supply grows, plus borrowing interest from jupUSD utilisation. JUICED is itself accepted as collateral against USDC, USDT and USDG borrowing.
Sources: Jupiter user documentation, JLP pool composition, Jupiter user documentation, JUICED yield sources
jupUSD is designed to be backed by other stablecoins.
What Jupiter publishes
The documentation names the 90/10 target, says the ratio moves after large mints or redeems, and points to a transparency page at jupusd.money for real-time reserve composition and backing ratio.
What sits under the 90%
Jupiter's documentation names BlackRock's BUIDL as the underlying asset and Anchorage as the custodian. Ethena's documentation states that as of October 2025 USDtb is issued by Anchorage Digital Bank. Anchorage publishes monthly USDtb reserve attestations on its own site.
Attestations
The transparency page publishes jupUSD's own proof of reserves, verified onchain in real time. Anchorage's monthly attestations cover USDtb. No third-party accountant's report on jupUSD's own reserves is published.
Sources: Jupiter user documentation, JupUSD reserves and audits, Anchorage Digital, USDtb reserve attestations index, Ethena documentation, USDtb, JupUSD transparency page
SolanaJuprjznTrT…ysN55USDfreezeAuthoritymintAuthorityRead from the deployed contract and its account on each chain. A control with no row is one the read could not settle, which is not the same as absent. “No” appears only where the verified contract source lists every function, or where the chain records that the control cannot exist, such as a package published as immutable.
Contract can freeze · mint
Reserves are published as a continuous proof-of-reserves feed.
Reserve attestation cadence
A continuously-updating reserve feed rather than a periodic report.
None foundlicence tier of Jupiter (jupUSD)
Concentration in one third-party token
Nine tenths of the target reserve is a token issued by someone else. Ethena's documentation states that as of October 2025 USDtb is issued by Anchorage Digital Bank. Jupiter's documentation names BlackRock's BUIDL as the underlying asset and Anchorage as the custodian of the reserves. It states that changes in the operations, solvency or regulatory status of Ethena or BUIDL could affect jupUSD's backing.
Redemption is a permissioned path
Only registered benefactors redeem at par. Every other holder exits through secondary markets. Redemption liquidity depends on the collateral sitting in the onchain program vault, which is replenished periodically from custodial reserves, and a redeem larger than that balance fails with a VaultIsDry error.
Update authority
Update authority over the program sits with the multisig 31wgH9Czzd3qgquTGxVxtxJuzBd8Fm4xEo8rPX7CNfhM. Jupiter's documentation labels CkzLnD9r4d4ZZofsgNVo2VNunxDmte5YJ4vfAgMfBZNA as program reserves; that same address holds the mint and freeze authority of the token.
Sources: Jupiter user documentation, JupUSD risks and key addresses, Jupiter developer documentation, JupUSD program addresses and errors, Ethena documentation, USDtb, Solana mainnet RPC, jupUSD mint and program accounts
Jupiter's documentation sets a target reserve composition of 90% USDtb and 10% USDC, rebalanced daily, and names BlackRock's BUIDL as the underlying asset. The JupUSD transparency page lists most of the reserves with Anchorage Digital, plus smaller USDC balances at Coinbase Custody and in the onchain program buffer. Ethena's documentation states that as of October 2025 USDtb is issued by Anchorage Digital Bank.
No accountant's attestation of jupUSD's own reserves is published. The JupUSD transparency page publishes a live proof of reserves read from onchain accounts. Anchorage publishes monthly attestations for USDtb, the 90% target leg. The three reports Jupiter links are smart contract audits.
No. Jupiter's documentation states that jupUSD does not accrue yield. The Treasury bill yield on the reserves reaches holders only through JUICED, a token representing a jupUSD deposit in Jupiter Lend.
Direct minting and redemption is limited to registered benefactors, meaning KYC or KYB verified market makers and institutional partners. Other holders exit through Solana trading venues.
Solana only, at the mint JuprjznTrTSp2UFa3ZBUFgwdAmtZCq4MQCwysN55USD.
Source: DIA onchain reads Updated
Source: Solana RPC, Solana Updated
Daily close against the USD peg, in basis points. Drag the handles under the chart to zoom; a range button resets it.
The dotted vertical lines mark market stress events: days the whole market, or a stablecoin others hold as collateral, came under stress. Seeing every stablecoin on the same shock shows how each peg held. Only events with a published source are marked. Each entry under the chart shows every stablecoin's worst daily close within 3 days of the event.
Crypto sold off with global markets as Covid spread, ETH lost close to half its price, and a congested Ethereum let bidders win MakerDAO collateral auctions for zero DAI.
Bitcoin fell as much as 30% to about $30,000 after Chinese industry bodies warned banks off crypto, and more than $8 billion of positions were liquidated.
Terra's algorithmic stablecoin UST fell to about $0.65 as LUNA slid, the start of a run that wiped out both within days.
Tether's USDT fell to about 95 cents on some exchanges as UST collapsed, and recovered after Tether processed more than $3 billion of redemptions.
Crypto lender Celsius paused withdrawals citing extreme market conditions, as the discount of stETH to ETH reached a record 8%.
FTX halted customer withdrawals after about $6 billion left the exchange in 72 hours, and filed for bankruptcy days later.
Circle disclosed $3.3 billion of USDC reserves held at the failed Silicon Valley Bank, and USDC traded as low as $0.87 intraday, closed 11 March near $0.96 (the low a daily-close chart shows) and regained its peg on 13 March.
A reentrancy bug in old Vyper compiler versions let attackers drain over $70 million from Curve pools run by JPEG'd, Metronome and Alchemix.
A Bank of Japan rate rise set off an unwind of yen carry trades, and bitcoin fell to about $49,000 as crypto futures saw over $1 billion of liquidations.
North Korea's Lazarus Group took about $1.5 billion of ETH and stETH from Bybit's cold wallet, and the exchange saw over $4 billion of withdrawals.
Sweeping US tariffs on trading partners set off a global selloff, and bitcoin fell to about $74,500.
A 100% US tariff threat on Chinese imports set off the largest liquidation in crypto history, over $19 billion in a day, and USDe traded as low as $0.65 on Binance.
An attacker drained about $128 million from Balancer V2 pools on six chains through a rounding error in the pool maths.
Stream Finance disclosed a $93 million loss by an external fund manager and froze withdrawals, and its xUSD fell as low as $0.25.
Stables Labs' synthetic dollar USDX fell below $0.60 as redemptions ran ahead of its hedged positions, and lending markets that took it as collateral froze.
Bitcoin fell below $80,000 over a thin-liquidity weekend amid US and Iran tensions, liquidating about $2.5 billion of long positions in a day.
Bitcoin dropped more than 10% in a day to about $63,000, its worst one-day fall since the FTX collapse, as silver, software stocks and US indexes fell with it.
An attacker with a compromised minting key created about 80 million unbacked USR and sold them for roughly $25 million, and USR fell below $0.30.
A forged LayerZero message released 116,500 unbacked rsETH, about $292 million, and Aave, Spark and Fluid froze rsETH markets.
An attacker took over StablR's 1-of-3 minting multisig and minted about $13.5 million of unbacked USDR and EURR, and the issuer froze both coins.
Bitcoin slid below $62,000 on higher-for-longer rate bets and ETF outflows, and about $3 billion of leveraged positions were liquidated over two days.
Source: DeFiLlama and CoinGecko prices Updated