BlackRock Tokenized Fund BUIDL endorsement, Ethena support, Jupiter launches native stablecoin JupUSD

Solana ecosystem leading infrastructure aggregator Jupiter officially launches its native stablecoin JupUSD, which is provided as a white-label service by Ethena Labs. Its reserve assets are 90% supported by BlackRock’s tokenized fund BUIDL.

JupUSD is not an isolated product; its core strategy is to serve as a “unified accounting unit” deeply integrated into Jupiter’s increasingly extensive “super app” matrix, including lending, perpetual contracts, spot trading, and prediction markets. As a signal of its launch, Jupiter plans to gradually convert approximately $500 million worth of USDC from the perpetual contract liquidity pools (JLP) into JupUSD. This move marks a decisive step for Jupiter from a simple trading aggregator to a “super app” controlling core financial layers, and introduces the first native stablecoin on Solana to receive deep endorsement from mainstream traditional financial giants.

Asset Structure Analysis: 90% Backed by BlackRock, the “Institutional-Grade” Blueprint of JupUSD

The most notable feature of JupUSD is its solid reserve asset structure. According to official announcements, at launch, 90% of JupUSD reserves will be composed of USDtb. USDtb is a compliant stablecoin issued by Ethena Labs, fully collateralized by BlackRock’s tokenized short-term government bond fund—the US dollar institutional digital liquidity fund (BUIDL). This means that the vast majority of JupUSD’s value is ultimately anchored to standardized financial products managed by BlackRock, investing in high-quality U.S. Treasuries, providing a credit foundation and stability expectations far beyond most algorithmic or crypto-collateralized stablecoins.

The remaining 10% of reserves will be held in USDC as a liquidity buffer. This design aims to ensure instant and flexible redemption, meeting users’ 24/7 exchange needs. To further strengthen initial liquidity, Jupiter has partnered with another DEX aggregator, Meteora, establishing auxiliary liquidity pools. This “primary-secondary” liquidity architecture ensures the safety and yield of core reserves (via BUIDL) while also facilitating daily usability and efficiency. Ethena will handle daily reserve management operations, leveraging its experience of issuing over $16 billion in stablecoins to ensure reliable operation of JupUSD.

Notably, both Jupiter and Ethena have indicated plans to gradually transition part of the reserves into Ethena’s flagship synthetic dollar asset USDe. USDe employs a delta-neutral strategy to provide dollar-pegged stability while capturing staking yields, potentially bringing higher capital efficiency and economic incentives to the JupUSD ecosystem. This dynamic reserve management approach suggests that JupUSD is not static; its team aims to flexibly adjust asset composition based on market conditions and ecosystem needs to balance security, yield, and resilience.

Core Data and Safeguards During JupUSD Launch

Reserve Composition: 90% USDtb (backed by BlackRock BUIDL fund) + 10% USDC liquidity buffer

Partners: Ethena Labs (white-label issuance and reserve management), Meteora (auxiliary liquidity pools)

Security Audits: Conducted by Offside Labs, Guardian Audits, Pashov Audit Group—3 independent audits

Compliance Features: Does not directly generate yield to meet regulatory requirements; reserves are institutionally managed by Anchorage Digital’s Porto

Initial Liquidity Injection: Approximately $500 million USDC from Jupiter Perps LP to be swapped for JupUSD

Long-term Reserve Plans: Future inclusion of assets like USDe to enhance flexibility

Ecosystem Integration Ambitions: How Will JupUSD Become the Financial Lifeblood of Jupiter “Super App”?

The birth of JupUSD is far more than adding a new trading pair. Jupiter co-founder explicitly states that JupUSD aims to become the “unified accounting unit” for the entire Jupiter ecosystem. This grand vision will be realized through a series of deeply integrated, native products designed to connect previously separate business segments and create a seamless “one-dollar experience.”

The integration will start with core lending and derivatives services. In Jupiter Lend, users depositing JupUSD will receive an interest-bearing token jlJupUSD, which not only accrues standard lending yields but also offers exclusive promotional rewards—forming the initial “yield scenario” for JupUSD (despite the stablecoin itself not generating yield). More strategically, there are plans to transform Jupiter Perps: the team intends to phase in the conversion of USDC collateral and LP balances in the perpetual liquidity pools (JLP) into JupUSD. This operation, involving up to $500 million, will unify the platform’s dollar liquidity, significantly improve capital efficiency, and establish JupUSD as the foundational collateral for derivatives trading.

The integration will extend to every corner of Jupiter. Its limit order and DCA tools will settle and reward in JupUSD; the mobile app will feature a “single balance” user experience based on JupUSD; upcoming prediction markets will also use JupUSD as the settlement currency. This comprehensive embedding aims to create a powerful flywheel: more products using JupUSD will generate greater demand, which in turn will attract more users and developers to Jupiter, reinforcing its position as Solana’s one-stop DeFi portal.

Reshaping the Competition Landscape: What Does JupUSD Mean for Solana and the Entire DeFi Stablecoin Arena?

The emergence of JupUSD undoubtedly introduces a heavyweight piece into the Solana ecosystem and the broader decentralized stablecoin competition. Historically, stablecoins on Solana have been dominated by USDC and USDT bridged from other chains; native stablecoins have attempted but failed to challenge these giants. With Jupiter’s massive traffic, clear ecosystem utility plans, and BlackRock’s top-tier credit endorsement, JupUSD has the potential to become the first truly successful mainstream native stablecoin.

Unlike purely market-scale pursuits, JupUSD adopts a “deep vertical integration” differentiation strategy. It does not directly compete with USDC/USDT in payment and transfer scenarios but aims to be the “designated fuel” within Jupiter’s own large economic system. This approach is akin to traditional internet giants issuing points or coupons for their entire platform services, but with a stable value carrier backed by real financial assets. If successful, JupUSD could lock in value flows within Jupiter’s ecosystem, reduce reliance on external stablecoins, and turn large trading volumes and user stickiness into a competitive moat.

From a macro perspective on DeFi stablecoins, JupUSD exemplifies the trend of “application chain / super app issuing proprietary stablecoins.” From MakerDAO’s DAI to Curve’s crvUSD, and now Jupiter’s JupUSD, we see stablecoin issuers evolving from single protocols to complex ecosystem platforms. The logic is that when a platform’s economic activity becomes sufficiently complex and self-sustaining, issuing a stablecoin deeply tied to its economic model can greatly optimize internal settlement costs, capture ecosystem value, and enable more sophisticated incentive schemes. The combination of JupUSD with Ethena’s white-label service further lowers the technical and regulatory barriers for top protocols to issue compliant, asset-backed stablecoins. This model may be emulated by other major DeFi protocols.

Compliance, Security, and Community Feedback: A Carefully Planned Ecosystem Upgrade

The Jupiter team has shown extraordinary caution in launching JupUSD, especially regarding compliance and security. To mitigate potential regulatory risks, they explicitly state that JupUSD itself will not offer any yield; its appreciation potential is solely realized through integrated applications like lending. On the security front, besides the three independent code audits, reserve assets are managed by Anchorage Digital’s Porto, which holds a New York trust license, providing institutional-grade custody—offering some reassurance to institutional users concerned about smart contract and custody risks.

Community reactions are initially characterized by “constructive optimism.” Most users praise Jupiter’s ability to deliver complex products continuously and see JupUSD as a key piece in realizing its “super app” vision. However, skepticism exists. Some ask: with USDT and USDC already in place, why create a new stablecoin? What unique problem does JupUSD solve? JUP token holders are also watching closely—how will the launch of this new stablecoin translate into governance value, fee revenue, or utility benefits for JUP?

These questions highlight the future direction JupUSD must prove. It needs to demonstrate that its deep ecosystem integration, capital efficiency, and exclusive incentives are compelling enough to motivate users to switch from traditional stablecoins. Additionally, Jupiter should outline clear pathways for how JupUSD’s success will drive JUP token value—such as through transaction fee sharing, lending revenue, or other ecosystem benefits—so that the growth of the ecosystem benefits its most committed supporters.

The launch of JupUSD is one of seven major ecosystem upgrades announced at Jupiter’s 2025 Solana Breakpoint conference. Other upgrades include Jupiter Lend exiting testing and going fully open-source, Jupiter Verify upgrading to a trusted data layer, building a unified developer dashboard, and a professional trading terminal. These initiatives reflect Jupiter’s strategic, comprehensive approach—aiming not just to add features but to evolve infrastructure, core finance, and user experience to solidify its leadership in the post-DEX-aggregator era.

What is Jupiter? The Evolution from a Trading Aggregator to Solana’s “Super App”

Jupiter started as a simple decentralized exchange (DEX) aggregator on Solana, primarily designed to find the best trading routes across multiple liquidity pools for users, executing token swaps at optimal prices. Thanks to excellent user experience, fast execution, and broad token support, it quickly became one of the most trusted and active entry points for Solana DeFi, consistently ranking at the top in activity.

However, Jupiter’s ambitions extend far beyond trading aggregation. In recent years, it has embarked on an aggressive “super app” expansion, extending into key areas:

• Spot and perpetual trading: Launching built-in spot trading and Jupiter Perps for perpetual contracts.
• Lending markets: Introducing Jupiter Lend, allowing users to deposit assets for interest or borrow.
• Token issuance and management: Using tools like Jupiter LFG launchpad and governance via Jupiter DAO.
• Other features: Including limit orders, DCA, prediction markets, and now, the stablecoin JupUSD.

This “all-in-one” strategy aims to maximize user stickiness and value capture. When users can perform trading, lending, speculation, and payments within a single interface, their motivation to leave diminishes. JupUSD is designed to be the “financial blood” connecting all these services, completing the ecosystem loop. Jupiter’s evolution exemplifies the shift from single-function DeFi to a comprehensive financial platform.

Ethena’s “White-Label” Ambitions: Why Top Protocols Choose Its Stablecoin Solutions?

Ethena Labs is known for its innovative synthetic dollar protocol, with flagship product USDe, which maintains dollar peg by collateralizing ETH and shorting equivalent ETH perpetuals, capturing staking yields. In the JupUSD case, Ethena plays more of a “Stablecoin-as-a-Service” behind-the-scenes provider role.

Ethena’s white-label model allows protocols or applications like Jupiter, MegaETH, Sui, and others to leverage Ethena’s infrastructure and audited codebases to quickly issue their own branded native stablecoins. These stablecoins can choose underlying collateral assets—such as USDtb supported by BlackRock BUIDL or future USDe variants. Ethena handles complex reserve management, compliance, and daily operations.

For partners, this approach offers clear advantages:

1. Lower barriers: No need to build complex stablecoin systems from scratch.
2. Instant credibility: Backed by Ethena’s reputation and its underlying assets (e.g., BUIDL).
3. Flexibility: Customizable stablecoin attributes and utility.

For Ethena, this expands its influence from a single product (USDe) to a network of top protocols issuing compliant, asset-backed stablecoins. Each successful white-label issuance validates Ethena’s infrastructure and potentially increases total assets under management and industry impact. The success of JupUSD will serve as a key test for Ethena’s B2B strategy and could attract more protocols into its “stablecoin alliance.”