Algorithmic / under-collateralized stablecoin
Jupiter's assessment for RD-F-069 — scored yellow on the v1.7.0 rubric. The evidence below is the curator's reasoning for this score.
Evidence summary #
JupUSD (launched January 2026): currently reserve-backed (90% USDtb/BUIDL + 10% USDC). Not an algorithmic stablecoin in the Terra/Luna sense. However: (1) Jupiter announced plans to shift a portion of reserves to USDe (Ethena delta-neutral synthetic dollar), introducing structured product / derivatives counterparty risk; (2) a $750M conversion of USDC within JLP pool to JupUSD is planned, which would embed JupUSD structural risk into the JLP pool. Neither migration is confirmed executed as of April 2026. Current design is conservative; prospective evolution is a yellow vector.
Sources #
- URLJupiter launches JupUSD stablecoin backed by BlackRock's BUIDL and USDC reservesJupiter JupUSD launch — CryptoBriefingretrieved 2026-04-29
- Jupiter launches JupUSD stablecoin with Ethena Labs on SolanaJupiter JupUSD Ethena integration — Blockworksretrieved 2026-04-29
- Jupiter Unveils JupUSD and Major Solana DeFi Upgrades at Breakpoint 2025JupUSD Breakpoint 2025 announcement — CoinPediaretrieved 2026-04-29
Methodology #
Classify whether the protocol is an algorithmic or under-collateralized stablecoin design per curator classification.
See the full factor methodology and distribution across all protocols →