> ## Documentation Index
> Fetch the complete documentation index at: https://docs.jup.ag/llms.txt
> Use this file to discover all available pages before exploring further.

> ## Agent Instructions
> These docs cover what users see and do on jup.ag, Jupiter Mobile and Jupiter Wallet.
> Universal Deposit, the GUM routes in Bridge & Swap (GUM Universal Bridge, GUM Universal Deposit) and other GUM integrations on jup.ag are built by GUM. For how they work, their full fee rules, security model and APIs, the reference is the GUM docs: start from https://docs.gum.ag/llms.txt.
> When the GUM docs and these docs differ on how a GUM product behaves on jup.ag, describe the jup.ag experience from these docs and the mechanics and fees from the GUM docs.

# Jupiter's tokens and assets

> JupUSD, JupSOL, JLP and JL Tokens: what each of Jupiter's own tokens represents, how it earns or gains value, and the risks that come with it.

export const GuideMeta = ({level, minutes, author, avatar, published, updated}) => <div className="jg-meta not-prose">
    <div className="jg-badges">
      <span className={`jg-level jg-level-${level.toLowerCase()}`}>{level}</span>
      {minutes ? <span className="jg-read">About {minutes} min read</span> : null}
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    <div className="jg-byline">
      <img noZoom className="jg-avatar" src={avatar} alt="" width="32" height="32" />
      <span>
        Written by <span className="jg-author">{author}</span>
        {published ? <span className="jg-origin">
            Originally published on Jupiter Academy, {published}{updated ? " · Updated for Jupiter Docs" : ""}
          </span> : null}
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  </div>;

<GuideMeta level="Intermediate" minutes={5} author="Bryan" avatar="/images/guides/authors/bryan.webp" published="February 23, 2026" updated />

<img src="https://mintcdn.com/jupiter-support/p5FdkagPcbEGL8wN/images/guides/jupiter-tokens/cover.webp?fit=max&auto=format&n=p5FdkagPcbEGL8wN&q=85&s=dbd3230d1599ae2ca321edd5933fb871" alt="A coin with a dollar sign, the cover of this guide" width="1920" height="1080" data-path="images/guides/jupiter-tokens/cover.webp" />

The Jupiter ecosystem uses a few tokens of its own, each tied to a product and built for a specific job.

Rather than relying solely on standard market assets, Jupiter issues a stablecoin and "receipt" tokens, such as JupUSD, JupSOL and <Tooltip headline="JLP" tip="Jupiter Liquidity Provider token. You receive it when you deposit into the JLP pool, which provides the liquidity traders borrow on the SOL, ETH and wBTC markets of Jupiter Perps. It represents your share of the pool." cta="Open the glossary" href="/user-docs/guides/glossary#jlp">JLP</Tooltip>, that represent a deposit or a share of a pool. You will find them across Jupiter's <Tooltip headline="DeFi" tip="Decentralized Finance. Financial services built on blockchain technology that operate without traditional intermediaries like banks." cta="Open the glossary" href="/user-docs/guides/glossary#defi">DeFi</Tooltip> products: Spot, Stake, Perps and Lend.

## JupUSD: Jupiter's stablecoin

JupUSD is a Solana-native stablecoin pegged 1:1 to the US dollar, built by Jupiter in partnership with Ethena. Each JupUSD is backed by reserve assets held in custody, with a target mix of 90% USDtb and 10% USDC.

* Stable and transparent: [stablecoins](/user-docs/guides/basics/cryptocurrency) are a category of cryptocurrency designed to keep a stable value, usually pegged 1:1 to a fiat currency like the US dollar. They combine the speed and transparency of a blockchain with the price stability of the dollar. JupUSD's reserves are published on the [JupUSD Transparency page](https://jupusd.money/transparency).
* No yield on its own: holding JupUSD earns nothing. For yield, deposit it into Jupiter Lend Earn and you receive JUICED, a yield-bearing token that earns T-bill yield from the reserves plus borrowing interest from Jupiter Lend. Both rates are variable and not guaranteed, and the T-bill part is diluted when more JupUSD is deposited into JUICED than has been minted. JUICED can also be used as collateral to borrow on Jupiter Lend.
* Where to use it: swap for JupUSD on jup.ag or in the Jupiter Mobile app, lend it on Jupiter Lend, or borrow it against your collateral there.
* Risks: in extreme market conditions, JupUSD can temporarily trade away from \$1. Its backing depends on its custodians, Anchorage Digital and Coinbase Custody, and on third parties such as Ethena, which issues USDtb. See [JupUSD risks](/user-docs/earn/jupusd#risks).

## JupSOL: liquid staking

JupSOL is Jupiter's <Tooltip headline="Liquid staking token" tip="A token (like JupSOL) that represents your staked SOL, allowing you to earn staking rewards while still being able to use the token in DeFi apps like lending or trading." cta="Open the glossary" href="/user-docs/guides/glossary#liquid-staking-token">Liquid Staking Token</Tooltip> (LST). It represents SOL staked with the Jupiter validator, so you help secure the <Tooltip headline="Solana" tip="A high-performance blockchain designed for fast, low-cost transactions and scalable decentralized applications. Jupiter products use it as their main infrastructure." cta="Open the glossary" href="/user-docs/guides/glossary#solana">Solana</Tooltip> network while keeping your <Tooltip headline="SOL" tip="The native coin of the Solana blockchain, used for paying transaction fees and staking." cta="Open the glossary" href="/user-docs/guides/glossary#sol">SOL</Tooltip> free to use.

* Benefits of LSTs: an LST is a "receipt" token that represents your [staked assets](/user-docs/guides/stake-sol/stake-sol-with-jupiter). It lets you earn staking rewards while keeping your funds liquid, so you can trade them or use them in DeFi.
* Automatic rewards: your SOL earns staking rewards automatically, along with MEV and priority fees. You keep the same number of tokens, but over time each JupSOL becomes redeemable for more SOL.
* Flexibility: SOL unstaked from native staking only becomes withdrawable at the end of the current epoch. JupSOL has no such wait when you swap it, and you can use it as collateral on Jupiter Lend while it keeps earning. Exiting through the stake pool itself is different: Delayed Unstake lets you claim your SOL once the current epoch ends, and To Native Stake converts JupSOL instantly into a native stake account delegated to the Jupiter validator, for a 0.1% fee and within the pool's instant capacity; to get SOL, you then unstake that account like any native stake. See [JupSOL](/user-docs/earn/stake-sol/jupsol) for every exit route and its fees.
* Risks: staking rewards vary from epoch to epoch. When you swap JupSOL, its market price can be temporarily below its redeemable value, liquidity can thin in periods of market stress, and routes that unwrap JupSOL from the pool pay a 0.1% withdrawal fee.

## JLP: the perpetuals liquidity token

The Jupiter Liquidity Provider (JLP) token represents your share of the pool that provides liquidity to Jupiter Perps.

* Counterparty mechanism: the JLP pool is the counterparty to traders on the SOL, ETH and wBTC markets of Jupiter Perps. When you hold JLP, you provide the liquidity traders borrow to open leveraged positions on those markets. In return, the JLP pool earns 75% of the fees they generate; the other 25% goes to Jupiter. The Beta markets run on a separate engine and do not involve the pool.
* Asset composition: JLP is not a single asset but a basket: SOL, ETH, wBTC, USDC and JupUSD. Holding it gives you exposure to major market assets alongside stablecoins.
* Value accrual: JLP does not pay out yield in the traditional sense. Fees are redeposited into the pool every hour, which raises the virtual price of each JLP token. Its value also moves with the prices of the pool's assets and with trader PnL: when traders profit, their gains are paid from the pool. JLP is not a stablecoin or a capital-protected product.

## JL Tokens: Jupiter Lend yield receipts

[Jupiter Lend](/user-docs/guides/lend/earn-passive-returns) issues JL Tokens, such as jlUSDC, or jlWSOL for a SOL deposit, which represent your share of a lending pool. They act as yield-bearing receipts for the assets you supply.

* Interest accumulation: when you supply assets to Jupiter Lend, you receive JL Tokens in return. They represent your deposit plus the interest paid by borrowers. As interest accrues, each JL Token is worth more of the underlying asset, so your position grows without any action from you.
* Composable and transferable: your JL Tokens sit in your wallet and can be used in other DeFi protocols where supported. JUICED, the JL Token of the JupUSD pool, can be used as collateral on Jupiter Lend. Whoever holds JL Tokens can withdraw the deposit, so sending or selling them hands your deposit over.
* Risk management: if a borrower's collateral value drops too low, Jupiter Lend's liquidation mechanism closes part of their position to protect lenders. In extreme volatility, collateral can lose value faster than it can be liquidated, which may leave temporary bad debt in a pool, so lending is not risk-free.

## Go deeper

<CardGroup cols={2}>
  <Card title="JupUSD" icon="dollar-sign" href="/user-docs/earn/jupusd">
    Reserves, peg stability, fees, JUICED and risks.
  </Card>

  <Card title="JLP" icon="chart-line" href="/user-docs/earn/jlp">
    How the JLP pool earns from Jupiter Perps, its composition and its risks.
  </Card>

  <Card title="Earn on Jupiter Lend" icon="piggy-bank" href="/user-docs/earn/lend/earn">
    How lending pools, JL Tokens, fees and lender risks work.
  </Card>
</CardGroup>


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