jUSD is a decentralized synthetic dollar issued by Aegis. It maintains a stable value close to $1 and is backed by collateral held in JLP, the liquidity provider token of the “Jupiter Perps” exchange. JLP earns yield from trading fees, funding payments, and liquidation revenue generated by perpetual futures markets. Price exposure from JLP is mitigated by shorting the corresponding perpetual futures for each underlying volatile asset. This creates a delta-neutral position that allows jUSD to function as a yield-generating digital dollar.