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 American dollar, but with blockchain sauce. While the United States is multiplying its economic fronts, these digital tokens backed by (more or less) solid reserves present themselves as the new guardians of digital financial balance. What if, behind this explosion of stable currencies, there was a geopolitical advantage? 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 released JupUSD, a stablecoin native to its ecosystem. The main ingredient of this new recipe? BlackRock's BUIDL fund, via the USDtb stablecoin. 90% of JupUSD reserves are backed by this regulated asset, the remainder 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 desire: “to unify the user experience” across all the bricks of the Jupiter ecosystem. From perpetual to market prediction, mobile and limit orders, everything aligns around the in-house digital dollar.

Transparency? It takes the form of institutional custody provided by Porto (via Anchorage Digital), with multiple audits before launch. Jupiter also insists on this point:

JupUSD was designed with a security-centric approach. This involves institutional-level self-curation provided through Porto by Anchorage Digital. Additionally, the source code is completely open source, with three independent audits conducted by Offside Labs, Guardian Audits and Pashov Audit Group before launch.

Ethena Labs: the craftsman of the workings of the JupUSD stablecoin

Behind the facade of JupUSD hides Ethena Labs, a discreet but strategic player. It is he who orchestrates reserve operations, flow management and asset distribution. Its expertise has already been established with the USDe and the USDtb. For JupUSD, Ethena uses distinct and public on-chain addresses, guaranteeing the traceability of operations.

The goal is clear: to create a stable token that is resilient, flexible and productive. Through Jupiter Lend, users can deposit their JupUSD and receive jlJupUSD, a token that offers unique promotional rewards, in addition to traditional lending earnings. This strategy encourages long holding and strengthens liquidity.

Ethena does not hide her ambitions:

We believe that JupUSD will demonstrate how protocols, by controlling 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 behind-the-scenes stablecoin war?

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

At Jupiter, the narrative is clear: it’s 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 is attractive beyond individual traders. Institutions can mint or repurchase JupUSD at any time via single transactions on Solana, with capabilities published in advance.

The current dynamic shows that each DeFi player wants to control its flows, its margins, its currency. Decentralization no longer excludes hyper-integration. This is perhaps the real turning point in the crypto industry: no longer depending on the “sacred cows” of the stablecoin.

Some figures and highlights

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

As the year closes, USD1, the stablecoin supported by Donald Trump, exceeds $3 billion in capitalization. Another piece in the American digital currency puzzle. While the world wonders who will dominate the next crypto-dollar era, some have already placed their stakes.