BlackRock Backed Stablecoin Launches on Solana

Jupiter has launched JupUSD, a stablecoin backed by BlackRock's tokenized treasury fund. The dollar-pegged asset is built using Ethena (ENA) Labs and operates as an Ethena whitelabel stablecoin.

JupUSD is primarily backed by USDtb, which holds reserves in the BlackRock USD Institutional Digital Liquidity Fund. Ethena manages day-to-day reserve operations with published capacity limits.

The launch marks a significant deployment for Ethena's business-to-business whitelabel stablecoin service, according to co-founder Guy Young. Jupiter COO Kash Dhanda stated that JupUSD represents a critical component in serving users through decentralized finance infrastructure.