JupUSD

A Solana-native, reserve-backed stablecoin pegged to the U.S. dollar.

What is JupUSD?

JupUSD is a Solana-native stablecoin pegged 1:1 to the U.S. dollar, built by Jupiter in partnership with Ethena.

Each JupUSD token is backed by reserve assets held in custody. The target reserve composition is 90% USDtb and 10% USDC. This ratio can fluctuate following large mints or redeems, and is automatically rebalanced daily.

Reserve data is publicly verifiable on the JupUSD Transparency page.

JupUSD does not generate yield on its own. To access yield from the underlying reserves, see JUICED.

Mint address: JuprjznTrTSp2UFa3ZBUFgwdAmtZCq4MQCwysN55USD

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How JupUSD works

JupUSD is minted and redeemed against reserve assets. Each token is backed 1:1 by reserves held in an Anchorage Porto Wallet.

The process works as follows:

• Minting transfers collateral (USDC or USDtb) to the custodian and issues new JupUSD tokens in return.
• Redeeming burns JupUSD tokens and returns the corresponding collateral to the user.

Direct minting and redemption is restricted to registered benefactors (KYC’d/KYB’d market makers and institutional partners). Retail users access JupUSD through Jupiter Swap, Jupiter Mobile, or other Solana DeFi platforms.

For technical details on minting and redeeming, see the Mint & Redeem documentation.

Reserve assets are periodically rebalanced between the onchain mint/redeem program and custodial reserves to maintain sufficient redemption liquidity and the target reserve composition.

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Peg stability

JupUSD’s peg to $1 is maintained through two mechanisms:

1. Market maker arbitrage. Authorised market makers with direct mint/redeem access arbitrage price differences across Solana trading venues. If JupUSD trades below $1, they can buy it cheaply and redeem it at par. If it trades above$1, they can mint new JupUSD and sell it.

2. Automated peg bot. An automated bot monitors the JupUSD price and uses the mint/redeem program to correct deviations from the $1 peg.

These mechanisms maintain the peg under normal market conditions. Extreme market events, liquidity shortages, or technical disruptions could temporarily affect the peg.

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Fees

A 0.04% fee (of the transaction amount) applies to all mint and redeem transactions through the JupUSD program.

Swaps involving JupUSD on DEXs or aggregators (including Jupiter Swap) are subject only to the platform’s standard trading fees. The 0.04% mint/redeem fee does not apply to swaps.

Fees and other program parameters may be updated over time. This page reflects current values at the time of writing.

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Yield

JupUSD does not accrue yield. Holding JupUSD in your wallet does not generate any return.

The reserves backing JupUSD (primarily USDtb, which is backed by BlackRock’s BUIDL fund) generate T-bill yield (interest from U.S. Treasury-backed reserves). However, this yield is not passed through to JupUSD holders directly.

To access yield, convert JupUSD into JUICED, a yield-bearing token available through Jupiter Lend or Jupiter Swap. JUICED accrues yield from two sources: T-bill yield from the underlying reserves, and borrowing interest from Jupiter Lend.

For full details on how yield works, see the JUICED page.

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How to get JupUSD

Retail users

You can acquire JupUSD by swapping on any of the following platforms:

• Jupiter Swap
• Jupiter Mobile
• Any Solana DEX or aggregator that supports JupUSD pairs

No KYC or whitelisting is required to buy or hold JupUSD.

Institutional / Market makers

Registered benefactors (KYC’d/KYB’d participants) can mint and redeem JupUSD directly through the JupUSD program.

See the Mint & Redeem documentation for integration details (SDK, Web API, and UI).

Always verify the mint address before interacting with JupUSD: JuprjznTrTSp2UFa3ZBUFgwdAmtZCq4MQCwysN55USD

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Where to use JupUSD

Jupiter Lend

Lend JupUSD to earn borrowing interest, or borrow against it.

Jupiter Swap

Trade JupUSD against other tokens.

JUICED

Deposit JupUSD to receive a yield-bearing token.

Solana DeFi

Use JupUSD on any platform that supports it (LPs, lending protocols, etc.).

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Risks

Like all onchain assets, JupUSD carries risks that cannot be fully eliminated. Users should understand the following before interacting with JupUSD.

Smart contract risk

JupUSD relies on Solana programs for minting, redemption, and peg stability. While these programs have been audited (see below), bugs or vulnerabilities in smart contracts can never be fully ruled out.

Custodian risk

Reserve assets are held in an Anchorage Porto Wallet. Users are exposed to the operational and security risks of the custodian. If the custodian were compromised or unable to operate, access to reserves could be delayed or impaired.

Third-party platform risk

JupUSD depends on Ethena (USDtb issuer) and the underlying assets (including BlackRock’s BUIDL). Changes in the operations, solvency, or regulatory status of these third parties could affect JupUSD’s backing.

Liquidity and market risk

Under extreme market conditions, JupUSD may temporarily trade away from its $1 peg. Redemption liquidity depends on the available collateral in the onchain program vault, which is periodically replenished from custodial reserves.

Oracle risk

The JupUSD mint/redeem program uses Pyth oracle feeds to validate collateral pricing. If oracle data is unavailable or unreliable, mint and redeem operations may temporarily fail. There is no fallback oracle mechanism.

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Security and transparency

Audits

JupUSD’s smart contracts have been audited by three independent firms:

Offside Labs

View report

Guardian

View report

Pashov

View report

Dashboard and transparency

• JupUSD Transparency page — reserve composition and real-time backing data.
• JupUSD Dune Dashboard — onchain metrics and analytics.

Key addresses

Label	Address
Mint	JuprjznTrTSp2UFa3ZBUFgwdAmtZCq4MQCwysN55USD
Program	JUPUSDecMzAVgztLe6eGhwUBj1Pn3j9WAXwmtHmfbRr
Custodian (reserves)	B3q4P4XSmycvoHLaiEjchsGDafFPhKokvHvNRuW29N1y
Program reserves	CkzLnD9r4d4ZZofsgNVo2VNunxDmte5YJ4vfAgMfBZNA
Multisig (update authority)	31wgH9Czzd3qgquTGxVxtxJuzBd8Fm4xEo8rPX7CNfhM