jupUSD

Overview

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](/global-stablecoins/stablecoin/usdtb/) and 10% [USDC](/global-stablecoins/stablecoin/usdc/), rebalanced daily, with reserve assets held in an Anchorage Porto Wallet.

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

Backing and reserves

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. That page renders its values in the browser and returns none of them in the page source, so no reserve figure or backing ratio is quoted here.

What sits under the 90%

Jupiter's documentation names Ethena as the issuer of USDtb, BlackRock's BUIDL as the underlying asset and Anchorage as the custodian. Anchorage publishes monthly USDtb reserve attestations on its own site.

What is not covered

Those attestations cover USDtb, not jupUSD. No accountant's report on jupUSD's own reserves is published. The three reports Jupiter links, from Offside Labs, Guardian and Pashov, are smart contract audits, and those PDFs returned no readable text to our fetch.

Sources: Jupiter user documentation, JupUSD reserves and audits, Anchorage Digital, USDtb reserve attestations index

Peg behaviour

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 it is used

The JLP pool that acts as counterparty to 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 only rises. 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

Risks

Concentration in one third-party token

Nine tenths of the target reserve is a token issued by someone else. Jupiter's documentation names Ethena as the USDtb issuer, BlackRock's BUIDL as the underlying asset and Anchorage as the custodian, and states that changes in their operations, solvency or regulatory status 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 on-chain 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 the separate address CkzLnD9r4d4ZZofsgNVo2VNunxDmte5YJ4vfAgMfBZNA as program reserves, and does not publish the mint or freeze authority for the token.

Sources: Jupiter user documentation, JupUSD risks and key addresses, Jupiter developer documentation, JupUSD program addresses and errors

What this map tracks

The Global Stablecoin Map tracks jupUSD on Solana only, at the mint JuprjznTrTSp2UFa3ZBUFgwdAmtZCq4MQCwysN55USD. Jupiter's documentation names that single mint and no deployment on any other network.

What the registry holds

The registry records 48,428,272 jupUSD outstanding, all of it on Solana, and about 12,600 holders. Those are first-party registry figures, not aggregator data. The registry holds no price for jupUSD, so no dollar valuation appears on this page.

What the map does not read

The reserve balances held at Anchorage sit off chain. The split between USDtb and USDC is published only on a browser-rendered dashboard.

Sources: Jupiter user documentation, JupUSD mint address

Common questions