# Converting DAO Treasury USDC Holdings to JupUSD **URL:** \ **Category:** Jupiter DAO\ **Created:** [January 27, 2026, 8:03am UTC](https://discuss.jup.ag/t/converting-dao-treasury-usdc-holdings-to-jupusd/39897 "2026-01-27T08:03:08Z")\ **Posts on this page:** 20\ **Page:** 1
**Author:** ![Kash](https://yyz1.discourse-cdn.com/flex003/user_avatar/discuss.jup.ag/kash/32/3201_2.png) [@Kash](https://discuss.jup.ag/u/Kash)\ **Post date:** [January 27, 2026, 8:03am UTC](https://discuss.jup.ag/t/converting-dao-treasury-usdc-holdings-to-jupusd/39897/1 "2026-01-27T08:03:08Z")
Hey hey - We wanted to bring something to the community’s attention and open up a discussion before moving forward. We’re planning on converting the DAO’s treasury holdings from USDC to JupUSD (~$8m). We’re sharing this here because we want to give the community a chance to weigh in, surface any concerns, and provide feedback. ## **Why the Change?** It boils down to 3 core reasons: **The DAO should not use 3rd party products when we have 1st party options.** This is the simplest and most important reason. If we’re building JupUSD and asking the ecosystem to trust it, adopt it, and build on top of it—then we need to be first in line. Keeping our treasury in a third-party stablecoin while we have our own sends a mixed message. Converting to JupUSD is us (literally) putting our money where our mouth is. **Usage is a positive signal to the rest of the market.** When external partners, protocols, and integrators evaluate whether to support JupUSD one of the first questions they’ll ask is: “Does Jupiter itself use it?” Having nearly $8 million of DAO funds held in JupUSD is a powerful signal that we trust what we’ve made. We’re in the process of creating other avenues for product integration (e.g Perps, LO/DCA, etc), but this treasury swap will be fast and comes with no technical overhead. **This is a way for the DAO to directly grow Jupiter’s product suite.** A larger base of JupUSD in circulation makes it more viable for other protocols to integrate. It increases AUM and creates a more robust foundation for JupUSD to become a meaningful part of the Solana ecosystem. The DAO contributing to this early momentum helps everyone building on or alongside Jupiter. ## **Why This Doesn’t Require a Vote** We want to be upfront about this: right now, we’re not planning to put this to a formal vote, and we want to explain why. This is an operational decision, not a spending decision. The DAO isn’t deploying capital, making grants, or funding initiatives. We’re converting one stablecoin to another—both pegged to the dollar, both liquid, both redeemable. The treasury’s value remains the same. Nothing is being spent, and no funds are leaving the DAO. There is no liquidity provisioning, no yield-generation, etc (though that would be an interesting avenue to explore in the future!) The threshold we’ve used for formal votes has been around actual expenditure (i.e. treasury depletion). Since that’s not what’s happening here, we’re only looking to let people know, give a window for some feedback, and then take a simple action that benefits the entire Jupiter ecosystem. ## **What We’re Looking For** The purpose of this post is to collect community sentiment and feedback. We want to know: - Does anyone have concerns that would make us want to pause or rethink this? - Is there context or perspective we’re missing? ## **Timeline** If there’s general consensus that this makes sense, we’ll proceed with the conversion in the next few days and will update this post with the transaction link once it’s complete. ---
**Author:** ![Noahx](https://avatars.discourse-cdn.com/v4/letter/n/3ab097/32.png) [@Noahx](https://discuss.jup.ag/u/Noahx)\ **Post date:** [January 27, 2026, 8:27am UTC](https://discuss.jup.ag/t/converting-dao-treasury-usdc-holdings-to-jupusd/39897/2 "2026-01-27T08:27:06Z")
Sounds like a good move. I just have one question might be a dumb one but will this effect/increase the risk of a depeg in any way? I mean if the reserve is in USDC this is still valued the same $ if JupUSD depegs ---
**Author:** ![Malu](https://yyz1.discourse-cdn.com/flex003/user_avatar/discuss.jup.ag/malu/32/9215_2.png) [@Malu](https://discuss.jup.ag/u/Malu)\ **Post date:** [January 27, 2026, 8:31am UTC](https://discuss.jup.ag/t/converting-dao-treasury-usdc-holdings-to-jupusd/39897/3 "2026-01-27T08:31:05Z")
go ahead… and tbh, “DAO” was proven to be useless…Dismissing it is the best way to preventing massive FUD again like months before ---
**Author:** ![klareszocska](https://yyz1.discourse-cdn.com/flex003/user_avatar/discuss.jup.ag/klareszocska/32/10853_2.png) [@klareszocska](https://discuss.jup.ag/u/klareszocska)\ **Post date:** [January 27, 2026, 8:37am UTC](https://discuss.jup.ag/t/converting-dao-treasury-usdc-holdings-to-jupusd/39897/4 "2026-01-27T08:37:28Z")
I think this is a great move ---
**Author:** ![dubnet](https://yyz1.discourse-cdn.com/flex003/user_avatar/discuss.jup.ag/dubnet/32/10852_2.png) [@dubnet](https://discuss.jup.ag/u/dubnet)\ **Post date:** [January 27, 2026, 8:37am UTC](https://discuss.jup.ag/t/converting-dao-treasury-usdc-holdings-to-jupusd/39897/5 "2026-01-27T08:37:32Z")
Why not, everyone else is doin it? ---
**Author:** ![Maxwell\_SG](https://avatars.discourse-cdn.com/v4/letter/m/46a35a/32.png) [@Maxwell\_SG](https://discuss.jup.ag/u/Maxwell_SG)\ **Post date:** [January 27, 2026, 8:48am UTC](https://discuss.jup.ag/t/converting-dao-treasury-usdc-holdings-to-jupusd/39897/6 "2026-01-27T08:48:14Z")
I support this decision. In fact, I converted all of my USD into jlJupUSD on the very first day the product launched. ---
**Author:** ![Mikelmarcus](https://yyz1.discourse-cdn.com/flex003/user_avatar/discuss.jup.ag/mikelmarcus/32/10854_2.png) [@Mikelmarcus](https://discuss.jup.ag/u/Mikelmarcus)\ **Post date:** [January 27, 2026, 8:48am UTC](https://discuss.jup.ag/t/converting-dao-treasury-usdc-holdings-to-jupusd/39897/7 "2026-01-27T08:48:18Z")
I think it’s a good idea. I approve it. ---
**Author:** ![GODLY](https://avatars.discourse-cdn.com/v4/letter/g/a183cd/32.png) [@GODLY](https://discuss.jup.ag/u/GODLY)\ **Post date:** [January 27, 2026, 8:48am UTC](https://discuss.jup.ag/t/converting-dao-treasury-usdc-holdings-to-jupusd/39897/8 "2026-01-27T08:48:46Z")
Agree with this. But on the side what’s the point of having a DAO treasury if it’s not put to use (spent 0 usdc from this treasury since dao pause till date)? The community doesn’t really suggest actionable ideas and keeps circling back to revenue sharing as the only narrative. If there’s no clear utility for the funds, then they should be spent where it matters in my opinion such as high impact marketing brand visibility plays like ufc or on sphere. ---
**Author:** ![tkdrps](https://avatars.discourse-cdn.com/v4/letter/t/7cd45c/32.png) [@tkdrps](https://discuss.jup.ag/u/tkdrps)\ **Post date:** [January 27, 2026, 9:22am UTC](https://discuss.jup.ag/t/converting-dao-treasury-usdc-holdings-to-jupusd/39897/9 "2026-01-27T09:22:21Z")
Do feedbacks matter ? Seems pointless, it’s going to be implemented anyway ---
**Author:** ![Elalamo](https://avatars.discourse-cdn.com/v4/letter/e/ad7895/32.png) [@Elalamo](https://discuss.jup.ag/u/Elalamo)\ **Post date:** [January 27, 2026, 9:24am UTC](https://discuss.jup.ag/t/converting-dao-treasury-usdc-holdings-to-jupusd/39897/10 "2026-01-27T09:24:48Z")
Just do it! Jupusd is for Jupiter better than any other stable coin! ---
**Author:** ![Frangan](https://avatars.discourse-cdn.com/v4/letter/f/cab0a1/32.png) [@Frangan](https://discuss.jup.ag/u/Frangan)\ **Post date:** [January 27, 2026, 9:24am UTC](https://discuss.jup.ag/t/converting-dao-treasury-usdc-holdings-to-jupusd/39897/11 "2026-01-27T09:24:54Z")
Love the idea. It will put more trust in jupusd. ---
**Author:** ![BuddyChaddi](https://yyz1.discourse-cdn.com/flex003/user_avatar/discuss.jup.ag/buddychaddi/32/2744_2.png) [@BuddyChaddi](https://discuss.jup.ag/u/BuddyChaddi)\ **Post date:** [January 27, 2026, 9:59am UTC](https://discuss.jup.ag/t/converting-dao-treasury-usdc-holdings-to-jupusd/39897/12 "2026-01-27T09:59:59Z")
Wil that also be moved on to jup lend to earn yield ? So the dao earns a yield on the idle sitting jupusdc ---
**Author:** ![Malu](https://yyz1.discourse-cdn.com/flex003/user_avatar/discuss.jup.ag/malu/32/9215_2.png) [@Malu](https://discuss.jup.ag/u/Malu)\ **Post date:** [January 27, 2026, 10:25am UTC](https://discuss.jup.ag/t/converting-dao-treasury-usdc-holdings-to-jupusd/39897/13 "2026-01-27T10:25:48Z")
listening to community is the most pointless…I hope they will dismiss the DAO which is proven that it doesn’t help the development but only massive FUD ---
**Author:** ![ArjayRay](https://yyz1.discourse-cdn.com/flex003/user_avatar/discuss.jup.ag/arjayray/32/9452_2.png) [@ArjayRay](https://discuss.jup.ag/u/ArjayRay)\ **Post date:** [January 27, 2026, 10:35am UTC](https://discuss.jup.ag/t/converting-dao-treasury-usdc-holdings-to-jupusd/39897/14 "2026-01-27T10:35:02Z")
This is a good move. I support this decision. ---
**Author:** ![Kash](https://yyz1.discourse-cdn.com/flex003/user_avatar/discuss.jup.ag/kash/32/3201_2.png) [@Kash](https://discuss.jup.ag/u/Kash)\ **Post date:** [January 27, 2026, 11:31am UTC](https://discuss.jup.ag/t/converting-dao-treasury-usdc-holdings-to-jupusd/39897/15 "2026-01-27T11:31:53Z")
i think that’d be great longer term, but right now first thing is just to swap into JupUSDC. i also think there’s a community conversation to be had about risk tolerance, etc for how to maximize risk-adjusted return personally i think it’d be best to take the DAO treasury and put it into the liquidity pool for JupUSD/USDC so that we can support larger swaps, but that would require moving funds out of the DAO treasury etc ---
**Author:** ![Kash](https://yyz1.discourse-cdn.com/flex003/user_avatar/discuss.jup.ag/kash/32/3201_2.png) [@Kash](https://discuss.jup.ag/u/Kash)\ **Post date:** [January 27, 2026, 11:32am UTC](https://discuss.jup.ag/t/converting-dao-treasury-usdc-holdings-to-jupusd/39897/16 "2026-01-27T11:32:03Z")
what is your feedback? ---
**Author:** ![Kash](https://yyz1.discourse-cdn.com/flex003/user_avatar/discuss.jup.ag/kash/32/3201_2.png) [@Kash](https://discuss.jup.ag/u/Kash)\ **Post date:** [January 27, 2026, 11:33am UTC](https://discuss.jup.ag/t/converting-dao-treasury-usdc-holdings-to-jupusd/39897/17 "2026-01-27T11:33:54Z")
good question, not dumb! jupUSD is backed 1:1 with underlying collateral so creating more jupusd by this conversion will not increase depeg risk specifically, it will simply increase the amount of collateral ---
**Author:** ![deflicker](https://yyz1.discourse-cdn.com/flex003/user_avatar/discuss.jup.ag/deflicker/32/10450_2.png) [@deflicker](https://discuss.jup.ag/u/deflicker)\ **Post date:** [January 27, 2026, 12:11pm UTC](https://discuss.jup.ag/t/converting-dao-treasury-usdc-holdings-to-jupusd/39897/18 "2026-01-27T12:11:55Z")
I fully support showing trust in JupUSD, but I would suggest a partial conversion instead of moving the full $8 million. When a project ends up as either the largest or 1 of the largest holder of its own token, it can sometimes create perception concerns around concentration, something we have seen impact stability in other stablecoin ecosystems. A partial conversion would signal confidence in JupUSD while keeping the treasury balanced and allow the market to adopt the token more organically. ---
**Author:** ![RANOA](https://avatars.discourse-cdn.com/v4/letter/r/74df32/32.png) [@RANOA](https://discuss.jup.ag/u/RANOA)\ **Post date:** [January 27, 2026, 12:25pm UTC](https://discuss.jup.ag/t/converting-dao-treasury-usdc-holdings-to-jupusd/39897/19 "2026-01-27T12:25:08Z")
If team move treasury dao what happened on dao ? 🤔 ---
**Author:** ![\_why](https://avatars.discourse-cdn.com/v4/letter/_/73ab20/32.png) [@\_why](https://discuss.jup.ag/u/_why)\ **Post date:** [January 27, 2026, 1:32pm UTC](https://discuss.jup.ag/t/converting-dao-treasury-usdc-holdings-to-jupusd/39897/20 "2026-01-27T13:32:57Z")
No, don’t do it. JupUSD is t is backed by a mix of USDtb (collateralized by BlackRock’s BUIDL fund) and USDC. In the case of depeg, or black swan event this only complicates and accelerates the snowball reaction. USDtb is backed by institutional-grade, short-duration Treasury assets. Issuance and management transitioned to Anchorage Digital Bank. That means another entity controlling the flow. In contrast, Every USDC token in circulation is backed by $1 held in reserve. The problem is not trust, is confidence on the peg support when black swan manipulation de-pegging events happen. Additionally the DAO has been forgotten. So the use of this treasury is unknown. It feels that it won’t matter what the community discuss, beyond blind followers and W droppers. First define a proper goal for the DAO, a proper functionality, then play swapping it’s treasury. [Next page](https://discuss.jup.ag/t/converting-dao-treasury-usdc-holdings-to-jupusd/39897.md?page=2)