jupUSD, issued by Jupiter, is a Solana-native SPL stablecoin pegged 1:1 to the U.S. dollar (USD) and backed 1:1 by reserves, built by Jupiter in partnership with Ethena [S1][S2].

Each jupUSD token represents a claim on USD-denominated reserves redeemable at $1, targeting a composition of 90% USDtb, Ethena's stablecoin backed by BlackRock's BUIDL tokenized U.S. Treasury fund, and 10% USD Coin (USDC), rebalanced daily [S1][S3]. jupUSD itself accrues no yield; holders seeking yield convert to JUICED, a vault-share token that accrues value from T-bill yield and Jupiter Lend borrowing interest [S1][S4]. Mint and redeem transactions bear a 0.04% fee [S1][S3].

The Terms of Use refer to the operator as Jupiter, registered in George Town, Grand Cayman, Cayman Islands, and governed by the laws of Panama [S5]. Jupiter states the interface is non-custodial, neither holds nor controls user assets, and is not offering any securities product or regulated service [S5]. Reserves are held in custody via an Anchorage Porto Wallet [S1][S3]. Direct minting and redemption is restricted to KYC and KYB registered benefactors comprising market makers and institutional partners; tokens are burned and collateral released subject to the 0.04% fee whenever the onchain USDC buffer is sufficient [S1][S3]. Access is prohibited from the United States and other listed jurisdictions [S5].

jupUSD is an SPL token issued on Solana, with no multi-chain or bridged availability [S1][S2]. Registered benefactors mint by transferring USDC or USDtb collateral to the custodian against newly minted tokens, settling 24/7 in a single onchain transaction; redemptions burn tokens and release collateral in a single transaction [S3]. Real-time reserve data is published on a Transparency page and Dune dashboard [S2][S3].

<Sources
  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://docs.jup.ag/user-docs/earn/jupusd" },
    { id: "S2", url: "https://docs.jup.ag/user-docs/earn/jupusd/index.md" },
    { id: "S3", url: "https://docs.jup.ag/user-docs/earn/jupusd/faq.md" },
    { id: "S4", url: "https://docs.jup.ag/user-docs/earn/jupusd/juiced.md" },
    { id: "S5", url: "https://docs.jup.ag/user-docs/legal/terms-of-use.md" },
  ]}
/>


# Asset mints methodology

## 1. Overview

Asset mints is a metric that represents the total value of new assets minted onchain. Daily mint volumes are tracked across supported blockchains to quantify the issuance of tokenized assets. Gross mint events are identified from native token transfer logs and transaction-level supply changes. To ensure accuracy for assets with pre-minted supplies, corrections are applied by subtracting non-circulating allocations. The final metric is normalized by decimal precision and converted to USD using end-of-day price feeds.

## 2. Data sources

- **EVM chain events**: ERC-20 `Transfer` events, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: SPL token `Mint` instructions
- **Non-EVM chain events and transactions**:
 - Algorand: Asset Configuration (`acfg`) transactions and token transfers
 - Cardano: UTXO-derived mint and burn events
 - Near: Token mint events
 - Polkadot Asset Hub: `Issued` events from `assets` pallets
 - Ripple: Transaction-level issuer net flows
 - Stacks: Token transfers with null senders
 - Sui: `TreasuryCap` object total supply changes
 - Stellar: SEP-41 `sep41_mint` events

- **Asset metadata**: Token addresses and decimal precision retrieved from token metadata
- **External data**: End-of-day price feeds sourced from market data providers

## 3. Step-by-step calculation

### Component A: Gross mint extraction

- **Purpose**: Extract raw mint events across all supported blockchains
- **Logic**: On EVM-compatible chains, ERC-20 `Transfer` events are parsed where the sender address is the zero address. On Solana, SPL token `Mint` instructions are extracted. On Algorand, withdrawals from asset configuration addresses are identified as gross mints. On Cardano, positive supply deltas are derived from transaction UTXO inputs and outputs. On Near, token mint events are extracted. On Polkadot Asset Hub, `Issued` events from `assets` pallets are parsed. On Ripple, transaction-level net flows are calculated, and positive net flows from issuer accounts are classified as mints. On Stacks, token transfers with a null sender address are extracted. On Sui, total supply changes are decoded from `TreasuryCap` objects. On Stellar, SEP-41 `sep41_mint` events are parsed.
- **Key fields**: `amount` (raw token quantity), `token_address` (asset contract or token identifier), `timestamp` (block timestamp)

### Component B: Premint correction

- **Purpose**: Adjust gross mints to exclude pre-minted tokens that do not enter active circulation
- **Logic**: For supported assets, a correction is applied to distinguish between gross mints and circulating supply changes. Mints that are sent directly to designated non-circulating premint addresses are classified as premints. Conversely, transfers from these premint addresses to circulating addresses are classified as premint issuances. Corrected mints are calculated by subtracting premints from gross mints and adding premint issuances.
- **Key fields**: `amount` (corrected token quantity), `token_address` (asset contract), `account_address` (premint address)

### Component C: Decimal normalization

- **Purpose**: Normalize raw token quantities into standard units
- **Logic**: Raw token amounts are normalized by decimal precision. Decimal precision is retrieved from token metadata for each specific asset.
- **Key fields**: `amount` (normalized token quantity), `decimals` (decimal precision)

### Component D: Final aggregation and USD conversion

- **Purpose**: Aggregate daily normalized mints and convert the values to USD
- **Logic**: Normalized daily mint amounts are aggregated by asset and blockchain. Daily USD values are calculated by multiplying the daily normalized mint amount by the end-of-day price feed for the respective asset. If no mint events occur on a given day, the daily value is filled with zero values.
- **Key fields**: `amount_usd` (daily minted value in USD), `price_usd` (end-of-day asset price)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Asset mints

Stablecoins

Jupiter aggregates liquidity from multiple non-custodial exchanges. Integrators set custom fees. Liquidity providers deposits funds into the perpetual exchange. Both receive fees from traders (supply-side fees).

Jupiter is a non-custodial DEX aggregator and exchange for perpetual contracts built on Solana. Jupiter was founded by an pseudonymous founder meow and launched in 2021.

JUP token holders own and govern the protocol. They currently take a cut of the total perpetual and integrator trading fees paid by traders (revenue). Jupiter's investors include White Hilt Capital, etc.


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website

DEX aggregators

Jupiter

Jupiter jupUSD (jupUSD) is a U.S. dollar stablecoin issued by Jupiter.

Institutions can mint and redeem directly with Jupiter in USDC and USDtb after completing KYC, and holders have a contractual right to redeem at par.

jupUSD has been issued on Solana as a SPL Token token since December 2025.

Jupiter jupUSDjupUSD