Jupiter adds USDGO lending market to platform with over $1 billion in active loans

Jupiter announced Thursday through a press release that the Solana-based trading and lending platform had opened a USDGO lending market. Users can earn interest by lending USDGO or borrow USDGO against crypto holdings. Jupiter said this week that Jupiter Lend, the platform's lending protocol, has active loans exceeding $1 billion. The new market expands USDGO's uses on Solana beyond trading and payments.

Anchorage Digital Bank issues USDGO. Hong Kong-listed OSL Group operates and distributes the stablecoin. USDGO has reserve backing that includes U.S. Treasuries.

OSL offers professional investors on OSL's platform a USDGO yield linked to the federal funds rate. That yield was about 3.24% after fees as of May. Jupiter's lending market allows other USDGO holders to earn interest onchain, with borrower demand determining rates.

Bitget Wallet has integrated the lending market into the self-custodial wallet. The integration gives Bitget Wallet's reported 100 million users access to USDGO lending and borrowing within the wallet.

The lending market follows an October 12 integration that added USDGO trading liquidity to Jupiter Lend through Jupiter Lend's automated market maker. The automated market maker relies on liquidity infrastructure supplied by Fluid, a decentralized finance protocol.

Smaller stablecoins are competing for more crypto lending activity against the market leaders, Tether's USDT and Circle's USDC. USDGO's supply had almost doubled to $900 million by July despite a contraction in the broader stablecoin market. USDGO's market capitalization currently stands near $1.1 billion, compared with about $1.29 billion in mid-October.