HostUSDE vs JLP — price, size and safety, side by side
USDE (Ethereum) vs JLP (Solana) — every figure is the freshest dated measurement we hold for that token, never a live-feed guess. Prices stamped 2026-10-17 / 2026-10-17.
USDE vs JLP — normalized performance, 2026-09-08 to 2026-10-17T00:15:22
| USDE | JLP | |
|---|---|---|
| Price | $1.00 | $4.53 |
| Market cap | $4.80B | $946.26M |
| 24h volume | $15.40M DEX | $13.23M DEX |
| Liquidity | $13.17M | $6.77M |
| FDV | $4.80B | $946.26M |
| Holders | 48,976 | 89,741 |
| Age (days) | 84 | — |
| Safety grade | B | A |
Where they differ
- USDE measures ~5.1× the market cap of JLP
- USDE measures ~1.9× the liquidity of JLP
- JLP measures ~1.8× the holder count of USDE
What the data says
USDE
USDe is Ethena's synthetic dollar — a stablecoin that holds its peg not with bank deposits but with a delta-neutral trade: spot crypto collateral (staked ETH, liquid stables) hedged by short perpetual futures, so the portfolio's dollar value stays flat whatever the market does. The contract 0x4c9edd5852cd905f086c759e8383e09bff1e68b3 is the canonical Ethereum deployment — USDe also exists on Solana under a different mint, where it is one of the deeper stable pools in our corpus. Our October 9, 2026 read shows $13.2 million of tracked pool liquidity on the mainnet venues.
The honest mechanics: USDe's yield is not magic — it is the funding-rate spread between staking yield and the perp market's willingness to pay longs, and that spread can and does go negative. When funding flips, Ethena pays the hedge instead of earning it, and the carry can invert into a slow bleed. The second layer is counterparty: the short positions sit on offshore exchanges through settlement custody, so exchange failures or frozen collateral are real, non-theoretical risks — the design survived the October 2025 liquidation cascade, which is evidence, not a guarantee. It is also not the same risk shape as UST: USDe is fully collateralized at inception; the failure mode is a sustained negative-funding grind plus a custody break, not a mint-redeem death spiral.
JLP
JLP is not a normal token and should not be read like one: it is the liquidity-provider share of Jupiter's perpetuals exchange — a claim on a managed basket of SOL, ETH, wBTC and stablecoins that serves as the counterparty to every trader on the venue. The October 6, 2026 snapshot values the deployment at roughly $946 million across 89,741 holders on mint 27G8MtK7VtTcCHkpASjSDdkWWYfoqT6ggEuKidVJidD4 — the largest asset on this page's list after the platform tokens.
Both authority flags read unconfirmed in this snapshot, and for once that is close to inevitable: a pool share mints when liquidity is deposited and burns when it is withdrawn, so live mint machinery — program-held — is the design. The honest statement remains "unresolved in this read, verify live," and the scanner above does exactly that; what a holder is actually trusting is the Jupiter perps program, not an SPL switch.
FAQ
Which is bigger, USDE or JLP?
By tracked market cap: USDE (Ethereum) measures $4.80B and JLP (Solana) measures $946.26M — dated snapshots, not a live feed.
Which is safer, USDE or JLP?
On the contract checks we publish: USDE (Ethereum) grades B and JLP (Solana) grades A. A grade is a structural check on the contract, not a promise about the asset.
How have USDE and JLP performed over the shared window?
Between 2026-09-08 and 2026-10-17T00:15:22, the measured snapshots show USDE at +0.07% and JLP at +2.06%.
The grade column is the one CMC's compare page cannot print — our grade is computed from the contract itself (mint/freeze authority, liquidity, holder concentration). Changes are measured over the shared window stated on the chart, 2026-09-08→2026-10-17T00:15:22; a token with fewer measured points measures a shorter span inside it.
Figures are dated on-chain snapshots, not a live feed. Safety grades are structural checks — not investment advice. Free · no signup · a HostDeFi product.