Jupiter adds Anchorage-backed USDGO to its $1 billion Solana lending platform
Crypto trading and lending platform Jupiter announced Thursday it had added a lending market for USDGO, allowing users to earn interest on the stablecoin or borrow it against crypto holdings.
Jupiter Lend, the platform's lending protocol, has over $1 billion in active loans. USDGO is issued by Anchorage Digital Bank, with Hong Kong-listed OSL Group acting as its operator and distributor, and is backed by reserves that include U.S. treasuries.
Competitive Rates
OSL offers USDGO holders a yield tied to the federal funds rate, about 3.24% after fees as of May, but only to professional investors. Jupiter's market lets other holders earn on the token onchain, at rates set by borrower demand.
Market Expansion
Bitget Wallet has also added the lending market to its self-custodial wallet, giving its reported 100 million users access to USDGO lending and borrowing without leaving the wallet. The expansion comes as smaller stablecoins compete with Tether's USDT and Circle's USDC.
USDGO's market capitalization is now close to $1.1 billion, down from about $1.29 billion in mid-October, after nearly doubling to $900 million by July even as the wider stablecoin market shrank.
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