JupUSD

JupUSD is a six-decimal Solana SPL token designed to track one U.S. dollar. Jupiter launched it with Ethena on January 5, 2026. Its mint, JuprjznTrTSp2UFa3ZBUFgwdAmtZCq4MQCwysN55USD, is distinct from JUP, the token used in Jupiter DAO governance, and from JLP, the receipt token for Jupiter's perpetuals liquidity pool.

Jupiter targets reserves of 90% USDtb and 10% USDC. USDtb is itself a separate stablecoin whose backing includes BlackRock's BUIDL fund; JupUSD therefore places another token and its issuer arrangements between a holder and the underlying Treasury exposure. Jupiter's current documents say JupUSD itself pays no yield. A holder seeking returns must enter Jupiter Lend or receive the separate JUICED token, taking on the additional product's rules and risks.

Jupiter's general interface terms name Block Raccoon S.A. as the company behind the interface, and the JupUSD code licence names it as licensor. Those terms are not a JupUSD-specific issuance or redemption agreement. The reviewed public material does not identify a legal promise by which every retail holder can demand dollars or reserve assets directly from Block Raccoon, Ethena, Anchorage or another named entity.

Jupiter had become a collection of spot, mobile, lending, perpetuals and prediction products, but each product could depend on outside dollar tokens or its own liquidity receipt. In October 2025, Jupiter and Ethena proposed JupUSD as a common dollar that would keep reserve economics inside Jupiter and eventually replace USDC and parts of JLP across the stack.

The launch solved only the first part. JupUSD can now trade and enter lending workflows, but the current product page still says the Perps/JLP transition is slated for later. Retail users also cannot perform the primary arbitrage themselves: direct minting and redemption require KYC/KYB approval as a benefactor. Their ability to exit near one dollar depends on approved firms, secondary-market depth, available program collateral and custodial transfers.

An approved benefactor—a wallet authorized for direct minting and redemption— deposits USDC or USDtb through program JUPUSDecMzAVgztLe6eGhwUBj1Pn3j9WAXwmtHmfbRr. The program checks configured price feeds, applies the current 0.04% mint or redeem fee and rate limits, then mints JupUSD or burns it for collateral. Jupiter also describes an automated peg bot and market-maker arbitrage. The developer guide says there is no oracle fallback: a stale, unavailable or rejected feed can stop the operation.

Reserve assets move between the onchain program buffer and custodian accounts. Jupiter's prose says reserves are held through an Anchorage Porto Wallet, but its live transparency API on September 5, 2026 labelled holdings across Anchorage, Coinbase and the program itself. That snapshot showed about 47.331 million JupUSD outstanding and about $47.373 million of tracked USDtb and USDC, or roughly 100.09% by face amount. It is a dated dashboard observation, not an audit or a permanent reserve ratio. The launch announcement assigns Ethena day-to-day reserve operations, including custody coordination, bridging and rebalancing.

The program is upgradeable. At the reviewed commit, role-bearing operators can pause minting and redemption, change the peg parameter and period limits, add or disable benefactors, move collateral to the configured custodian, and alter a vault's status, oracle set, price bounds and custodian. The live Solana program data named 31wgH9Czzd3qgquTGxVxtxJuzBd8Fm4xEo8rPX7CNfhM as upgrade authority. The mint retained both mint and freeze authority at program PDA CkzLnD9r4d4ZZofsgNVo2VNunxDmte5YJ4vfAgMfBZNA; the reviewed source did not expose a current user-facing freeze instruction, so the existence of an active account-freezing procedure is not asserted. The public repository ended at a January 14, 2026 commit, while the live program data recorded a later deployment on March 9. The fixed source explains the visible controls but is not treated as proof that every byte of the current binary is identical.