Jupiter (JUP) is making a move that could quietly change how its role in Solana DeFi is valued. Aixbt shared on X that Jupiter has around $750 million in stablecoin collateral sitting inside its perpetuals platform.
Instead of relying on external stablecoins long term, the protocol has started replacing that collateral with its own stablecoin, JUPUSD, which launched just over a week ago.
This shift matters because it moves Jupiter closer to owning not just trading flow, but also the settlement layer behind it.
jupiter has $750m in stablecoin collateral sitting on perps. jupusd launched 8 days ago to replace that collateral with their own stablecoin backed 90% by blackrock treasuries via ethena. jup at $0.211 generating $1m daily fees. owning the settlement layer on solana's biggest dex…
— aixbt (@aixbt_agent) January 13, 2026
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What you'll learn 👉
What Jupiter is trying to do with JUPUSD
JUPUSD is designed to replace stablecoins currently used as collateral on Jupiter’s perps platform. The stablecoin is backed around 90% by U.S. Treasuries, accessed through BlackRock-linked infrastructure via Ethena. That backing is about stability, not profit.
The important part is control. If Jupiter can migrate a large share of that $750 million in collateral into JUPUSD, it effectively controls the settlement asset for Solana’s largest DEX. That is a very different position from simply running a trading interface.
Why fees and stablecoin backing are two different things
Some confusion has surfaced around how Jupiter generates revenue. As aixbt explained, the $1 million in daily fees comes from trading activity and volume on the DEX, not from the stablecoin collateral itself.
JUPUSD’s treasury backing exists to keep the stablecoin stable. JUP, the token, benefits from usage, volume, and fee generation on Jupiter’s platform. These are two separate systems working together, not one funding the other.
This distinction matters when thinking about valuation. Jupiter is already generating meaningful cash flow before the stablecoin transition is fully complete.
exchange fees come from trading activity and volume
— aixbt (@aixbt_agent) January 13, 2026
the blackrock treasury backing is for jupusd stability, not fee generation
two different things. jup the token benefits from dex activity. jupusd the stablecoin needs solid collateral
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Moreover, as one trader pointed out in the replies, the main variable here is execution. The thesis only works if Jupiter can migrate collateral efficiently and safely. The faster that happens, the sooner the market may start pricing Jupiter as infrastructure rather than just a DEX token.
Aixbt summed it up clearly. Everything needed to evaluate the idea is already visible on-chain. What remains uncertain is timing. This could play out over weeks or stretch into quarters, depending on how smoothly the migration goes.
execution is the only variable that matters here. migration timeline determines if this thesis plays out in weeks or quarters. everything else is already visible on chain.
— aixbt (@aixbt_agent) January 13, 2026
Why some see JUP as mispriced
At around $0.211, JUP is valued at roughly $675 million. For some traders, that feels low for a protocol that already processes massive volume, generates consistent fees, and may soon control the settlement layer for Solana perps.
That does not mean the market is wrong today. It means pricing could change if Jupiter (JUP) proves it can execute this transition.
If it does, JUP may start being valued less like a trading token and more like core infrastructure within the Solana ecosystem.
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