JUSD Stable Token (JUSD) is a multi-chain digital currency launched on September 16, 2023, with the stated purpose of functioning as a stablecoin pegged 1:1 to the U.S. dollar. ^{[1] [2]} The project operates on both the Polygon and Binance Smart Chain (BSC) networks. ^[1] Despite its goal of maintaining price stability, the token has experienced significant and persistent de-pegging, trading at values substantially below its $1.00 target for extended periods. ^{[1] [3]}​

Overview

JUSD Stable Token was created to provide a stable, secure, and simple digital medium for transactions, savings, and cross-border remittances. ^[1] According to its whitepaper, the project aims to combine the efficiency of blockchain technology with the stability of traditional financial assets to serve the global financial industry. ^[4] The token is promoted as being backed by a reserve of assets, a key component of its intended stability mechanism. ^[4]​

However, the project has faced significant challenges in achieving its core objective. The most critical issue has been its inability to consistently maintain its 1:1 peg to the U.S. dollar. ^[3] This is compounded by a lack of public, independent, and real-time attestations for its asset reserves, creating concerns about its backing and transparency. ^[1] Furthermore, security analyses have highlighted centralization risks within its smart contracts, and data across different tracking platforms shows significant inconsistencies regarding its supply and trading volume. ^{[2] [5]}​

History

The project's development began in the first quarter of 2023 with its concept finalization, market analysis, and the initial launch of its website and whitepaper. ^[1] The security audits for its smart contracts, conducted by Techrate, were completed in the third quarter of 2023. ^[1]​

JUSD officially launched on September 16, 2023, as announced through its Medium channel. ^[6] The project's roadmap outlined plans for a full mainnet launch and initial liquidity provisioning in Q1 2024, followed by a focus on securing listings on international exchanges in Q2 2024. Long-term plans for 2025 and beyond included a proposed transition to a decentralized, community-governed model. ^[1]

Team and Leadership

The project's official whitepaper and a listing on the Tokpie exchange identify a core leadership team. ^{[4] [3]}​

• Dr. Fritzgerald Zephir is listed as CEO & Co-Founder, with a background in global finance.
• Emre Ozdemir is named as CTO & Co-Founder, described as an expert in blockchain technology and cybersecurity.
• Gabriel Sarr, CFA is listed as the CFO, managing the asset reserve and financial operations.
• Dr. Sara Moyedi is identified as the Chief Legal Officer, responsible for legal frameworks and regulatory compliance.

The whitepaper also lists several advisors, including Financial Advisor Valerie Telly, Blockchain Advisor Edward Ng, and Security Advisor Tuan Ngo. ^[4]​

Technology

Blockchain Infrastructure

JUSD is a multi-chain token. While the whitepaper mentioned an initial launch on Ethereum, it is actively available on the Polygon and Binance Smart Chain (BSC) networks. ^{[4] [1]}​

• Polygon Contract Address: 0x0BA8A6ce46D369d779299DeDADe864318097B703 ^[2]
• BSC Contract Address: 0xbf3950DB0522A7F5CAa107D4Cbbbd84dE9E047e2 ^[2]

Stability Mechanism

According to the project's whitepaper, JUSD aims to maintain its 1:1 peg to the USD through a combination of methods. The primary mechanism is an asset-backed reserve, which is described as a "diversified portfolio of assets" that may include cash, cash equivalents, high-quality corporate bonds, and other cryptocurrencies. The system is designed so that new JUSD tokens are minted when assets are added to the reserve, and tokens are burned when assets are removed. The whitepaper also mentions the potential use of algorithms to help stabilize the peg by automatically adjusting supply and demand. ^[4]​

The project claims to have a "Proof of Reserve" and a "real-time auditing system" for transparency; however, no public links to live, third-party attestations or dashboards verifying the reserve's value and composition have been made available. ^[1]​

Security

The project's smart contracts were audited by the firm Techrate, with the audit report available via the official website. ^[1] The whitepaper also details security measures such as holding reserve funds in multi-signature wallets, using end-to-end encryption for data, and aiming for compliance with data protection laws like GDPR. ^[4]​

However, a security analysis by GoPlus, cited on CoinGecko, identified a significant centralization risk. The JUSD smart contract is a proxy contract, which allows the contract owner to modify the code at any time. This gives the owner the power to potentially disable sales, change transaction fees, mint an unlimited number of new tokens, or transfer tokens from any holder's wallet. ^[2]​

Tokenomics

Supply and Distribution

There are significant discrepancies in the reported tokenomics of JUSD across various data aggregators. The project's whitepaper mentions an initial supply of 50 billion JUSD, and platforms like CoinMarketCap and Crypto.com list a total and max supply of 50 billion. ^{[4] [5] [8]}​

In contrast, CoinGecko reports an infinite (∞) maximum supply, with a total supply of over 50 trillion JUSD as of February 2026. The platform notes that a large portion of this supply is held in wallets excluded from circulating metrics, including a deployer wallet on Polygon holding 40 billion JUSD. CoinGecko reports a circulating supply of approximately 86.3 million, while CoinMarketCap's figure is a self-reported 10 billion JUSD. These inconsistencies make it difficult to determine the token's true market capitalization and distribution. ^[2]​

Intended Use Cases

The JUSD whitepaper outlines several intended use cases for the token, leveraging its designed stability:

• Cross-Border Transactions: To facilitate fast and low-cost global payments.
• Remittances: To provide a stable unit of account for sending money internationally.
• Supply Chain Finance: To enable more efficient financing solutions through smart contracts.
• Real-Time Settlement: To eliminate delays common in traditional financial systems.
• Asset Tokenization: To serve as a stable base for the tokenization of real-world assets.
• Digital Commerce: To act as a reliable medium of exchange in digital marketplaces. ^[4]

Market Presence

JUSD is tracked by major data aggregators including CoinGecko, CoinMarketCap, and Crypto.com. ^{[2] [5] [8]}​

The token is listed for trading on several centralized exchanges (CEXs) and decentralized exchanges (DEXs). CEX listings include MEXC, Tokpie, Dex-Trade, Azbit, and Coinsbit. It is also available on DEXs such as PancakeSwap on BSC and Uniswap on Polygon. ^{[1] [3]}​

The official website displays logos of various entities like Chainlink, Arbitrum, and DODO, implying partnerships or integrations, though the specific nature of these relationships is not detailed. The site also lists unverified marketing metrics, such as over $3.8 billion in Total Value Locked (TVL) and over 16,800 active users, which may not reflect actual project activity. ^[1]​

Controversies and Challenges

De-Pegging From USD

The most significant issue for JUSD has been its failure to maintain its 1:1 peg to the U.S. dollar, which is the primary function of a stablecoin. Since its launch, the token's market price has frequently and significantly deviated from its 0.42. ^[3] While other data aggregators like MEXC have shown the price closer to its peg at different times, the persistent volatility and deep de-pegging events undermine its utility as a stable asset. ^{[9] [1]}​

Reserve Transparency

While the project claims to be fully backed by a diversified reserve of assets and advertises a "real-time auditing system," it fails to provide any public, verifiable, or independent attestations of this reserve. For a stablecoin, the inability for users to independently verify the collateral backing the tokens is a major red flag and creates significant counterparty risk. ^[1]​

​