This is the case within the Solana ecosystem, which sees the arrival of a strategic competitor: Jupiter presents JupUSD, its stablecoin supported by BlackRock. This launch marks an important step for the decentralized exchange aggregator, which intends to offer a more transparent and integrated native alternative.
Financial architecture backed by BlackRock for the JupUSD stablecoin
The announcement has been formalized by DeFI Jupiter protocol shared on X: their new JupUSD stablecoin has finally become reality. Designed in close collaboration with Ethena Labs, this currency is indexed to the US dollar whilst being distinguished by the composition of its reserves. According to the technical details which have been shared, ninety per cent of the collateral supporting the token will be made up of USDtb.
It is an asset guaranteed by shares of the BUIDL fund of BlackRock, the global asset management giant, which thus continues its expansion into the cryptocurrency sector
In a bid to ensure immediate liquidity, the remaining 10% of reserves will be kept in USDC, with the creation of a secondary pool on the Meteora platform. The Porto solution will oversee the safety and conservation of assets , in partnership with Anchorage Digital. This choice of infrastructure aims to offer full transparency, with reserves being directly verifiable “on-chain” by any user.
Functionality and integration which lie at the heart of Solana
Importantly, the introduction of this stablecoin is not limited to token issuance. Jupiter has designed a payment method which allows direct issuance and purchasing JupUSD agains the USDC by means of unique transactions on the Solana blockchain. In turn, Ethena Labs ensures operations management, including the coordination and balancing of reserves via separate addresses.
As for the users of cryptocurrencies on the platform, the following performance features might also be of interest.
Through its loan product, Jupiter will allow holders to generate interest via a specific token. The latter can be used for advanced trades such as limit orders or scheduled investment strategies (DCA). The stated objective is to gradually migrate the existing USDC liquidity pools towards this new native solution.
The rise in native stablecoins vs traditional models
The launch of JupUSD illustrates a fundamental trend observed throughout 2025: namely, the multiplication of stablecoins specific to applications or protocols.
This strategy of vertical integration has already been adopted by many major actors. We can invoke MetaMask, the LineaDeFi ecosystem, and Hyperliquid with its USDH. Even the traditional fintech sector has decided to join the club, as evidenced by the initiatives like Klarna and the SoFiUSD, launched to optimize banking regulations.
By offering its own stablecoin backed by BlackRock, Jupiter is attempting to distance itself from the third-party issuers, and to capture more value within its protocol.
This made-to-measure approach aims to reduce the friction costs and to optimize the internal economic flow. The market’s initial reaction appears to confirm this strategy, the governance token JUP having recorded considerable increase of 18 per cent in the week following the announcement.
Are we moving towards a reshaping of the market shares in Solana?
Arguably, the success of this initiative will depend on Jupiter’s ability to convince their user base to adopt wholesale this new instrument to the detriment of existing solutions.
If technical integration and financial incentives prove effective, this model could redefine the standards of payment on the Solana blockchain. The involvement of institutional actors in the structuring of reserves also suggests a desire to lend credibility to these new assets in the eyes of professional investors.
The evolution of the trading volumes of JupUSD in the coming months will serve as a key indicator to measure the relevance of this strategy of decentralization of stable money issuers.
Source : @JupiterExchange
Paulina
