JupUSD

Jupiter, the dominant swap aggregator on Solana, decided to mint its own dollar and built JupUSD on Ethena's stablecoin-as-a-service rails. The token is reserve-backed rather than algorithmic: at launch it is roughly 90 percent USDtb, Ethena's Treasury-backed dollar routed largely through BlackRock's BUIDL fund, with the remainder in USDC, custodied via Anchorage Digital's Porto. The legal operator is Block Raccoon S.A., the Panama entity behind Jupiter. Direct minting and redemption at par are gated to KYC-verified benefactors, so an ordinary Solana user acquires and exits JupUSD on the open market rather than with the issuer. Jupiter has signaled plans to migrate hundreds of millions of dollars of pool reserves into JupUSD, capturing the reserve yield that previously flowed to outside stablecoin issuers.