Solana-based lending activity is widening for smaller stablecoins as platforms look to expand uses beyond payments and trading. Jupiter says its new USDGO market allows holders to earn onchain interest or borrow against crypto, extending access beyond investor groups served by existing yield offerings.
Highlights
- Jupiter added a USDGO lending market on Solana, expanding Jupiter Lend to over $1 billion in active loans as of July.
- USDGO, issued by Anchorage Digital Bank and managed by OSL Group, offers a yield of about 3.24% to professional investors, backed by U.S. treasuries.
- USDGO supply nearly doubled to $900 million by July, but its market cap has declined to $1.1 billion from $1.29 billion mid-October amid competition with USDT and USDC.
USDGO lending expands on Solana
As reported by CoinDesk, Jupiter said in a press release on Thursday that it has added a lending market for USDGO, allowing users to lend the stablecoin for interest or borrow it against their crypto holdings. The addition extends USDGO's role on Solana and adds to Jupiter Lend, which the company says now has more than $1 billion in active loans.USDGO is issued by Anchorage Digital Bank, while Hong Kong-listed OSL Group acts as operator and distributor for the token. The stablecoin is backed by reserves including U.S. treasuries, and OSL offers a yield linked to the federal funds rate, about 3.24% after fees as of May, but only to professional investors on its platform.
Jupiter said its own market allows other USDGO holders to earn onchain at rates determined by borrower demand. 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.
Competition grows in stablecoin lending
The new market builds on an Oct. 12 integration that brought USDGO trading liquidity to Jupiter Lend through its automated market maker, which uses liquidity infrastructure from decentralized finance protocol Fluid. That broader setup is aimed at increasing utility for USDGO as smaller stablecoins seek a larger foothold in crypto lending.The expansion comes as USDGO and other smaller tokens compete with Tether's USDT and Circle's USDC, which continue to dominate the sector. USDGO's supply had nearly doubled to $900 million by July even as the wider stablecoin market shrank, while its market capitalization is now near $1.1 billion, down from about $1.29 billion in mid-October.
As we noted earlier, Pakistan’s push for priority-sector lending aims to widen credit access for housing, farms and SMEs.
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