Skip to main content

​
General

JupUSD is a Solana-native stablecoin pegged 1:1 to the U.S. dollar, built by Jupiter in partnership with Ethena. Each token is backed by reserve assets (USDtb and USDC) held in custody.See the JupUSD Overview for full details.
JupUSD reserves are composed of Ethena’s USDtb and USDC, held in an Anchorage Porto Wallet. The target composition is 90% USDtb and 10% USDC. This ratio can fluctuate after large mints or redeems and is automatically rebalanced daily.USDtb itself is backed by BlackRock’s BUIDL fund (a tokenised U.S. Treasury fund).Reserve data is publicly verifiable on the JupUSD Transparency page.
Through two mechanisms: authorised market makers arbitrage price differences across Solana venues using direct mint/redeem access, and an automated peg bot monitors the price and corrects deviations using the mint/redeem program.These mechanisms work under normal market conditions. Extreme events could temporarily affect the peg.
JuprjznTrTSp2UFa3ZBUFgwdAmtZCq4MQCwysN55USDAlways verify this address before interacting with JupUSD on any platform.

​
Getting and using JupUSD

Swap for JupUSD on Jupiter Swap, Jupiter Mobile, or any Solana DEX that supports JupUSD pairs. No KYC or whitelisting required.
Direct minting and redemption is restricted to registered benefactors (KYC’d/KYB’d market makers and institutional partners).Retail users do not need to mint. JupUSD is available permissionlessly through Jupiter Swap and other Solana platforms.
JupUSD is supported across Jupiter products and Solana DeFi:
  • Jupiter Swap for trading
  • Jupiter Lend for lending and borrowing
  • JUICED for yield (see below)
  • Any Solana DeFi protocol that supports JupUSD
A 0.04% fee (of the transaction amount) applies to mint and redeem transactions through the JupUSD program. This fee does not apply to swaps on DEXs or aggregators, which are subject only to their own platform fees.Fees and parameters may change over time.

​
Yield and JUICED

No. JupUSD does not accrue any yield on its own. To earn yield on your JupUSD position, you need to convert it into JUICED.
JUICED is a yield-bearing SPL token that represents a JupUSD deposit in Jupiter Lend. It earns yield from two sources: T-bill yield (interest from U.S. Treasury-backed reserves) and borrowing interest from Jupiter Lend.JUICED follows a vault share model: its exchange rate against JupUSD appreciates over time as yield accrues, rather than distributing yield separately.See the JUICED page for full details.
Two options:
  1. Swap for JUICED on Jupiter Swap or via the Terminal. The aggregator handles the deposit automatically.
  2. Deposit JupUSD directly into Jupiter Lend → Earn.
Both methods give you the same JUICED token in your wallet.
From two sources, both accrued into the JUICED token price:
  • T-bill yield: generated by the reserves backing minted JupUSD (primarily USDtb/BUIDL), distributed through Ethena via Jupiter’s rewards distributor.
  • Borrowing yield: interest paid by users who borrow JupUSD on Jupiter Lend. Variable based on utilisation.
No. Both yield sources are variable.T-bill yield depends on macroeconomic conditions and the reserve composition. Borrowing yield depends on JupUSD utilisation on Jupiter Lend. Both can fluctuate, and past or current rates do not indicate future performance.
T-bill yield is generated by the reserves backing the total minted JupUSD supply, but distributed across the total JUICED supply. If more JupUSD is deposited into JUICED than has been minted, the T-bill yield per unit is diluted.Example: if 100M JupUSD is minted but 120M JupUSD is deposited into JUICED, the T-bill yield generated on 100M is split across 120M holders. Each unit receives ~83% of the full rate.Borrowing yield is not affected by this. See the yield dilution section for a detailed explanation.
Yes. You can borrow USDC, USDT, or USDG against JUICED on Jupiter Lend. Your JUICED continues to earn yield while being used as collateral.Be aware that borrowing introduces liquidation risk. If the value of your collateral falls below the required threshold, your position may be liquidated.
No. There is no lock-up and no withdrawal delay. You can convert JUICED back to JupUSD or swap it at any time.

​
Security

Yes. JupUSD’s smart contracts have been audited by three independent firms:
JupUSD carries smart contract risk, custodian risk (Anchorage), third-party risk (Ethena, BUIDL), oracle risk (Pyth, no fallback), and liquidity/market risk. JUICED adds Jupiter Lend smart contract risk, variable yield risk, and liquidation risk if used as collateral.See the risk sections on the JupUSD Overview and the JUICED page for details.