Jupiter Exchange USDGO lending holds $368,000 on launch day

The new Jupiter Exchange USDGO lending market held about $368,000 in deposits at 2:42 p.m. ET on Thursday, its launch day. Jupiter Exchange ($JUP) opened the market for USDGO, a dollar stablecoin issued by Anchorage Digital Bank, on its Solana ($SOL) lending platform, Jupiter Lend.

The quick take

Price: $JUP traded at $0.265, up 1.9% in 24 hours, per CoinGecko at 2:41 p.m. ET.
Trigger: Jupiter Lend added a USDGO market where holders earn interest and others borrow against crypto, CoinDesk reported.
Watch: whether deposits keep growing once the market’s 8% reward rate changes.

What happened

Jupiter announced the USDGO lending market on Thursday, according to CoinDesk. Holders can supply the stablecoin to earn interest, or borrow it against other crypto they own. Bitget Wallet also added the market to its self-custodial app, which CoinDesk says has a reported 100 million users.

The market builds on an Oct. 12 step. That day, USDGO trading liquidity arrived on Jupiter Lend’s automated market maker, which runs on infrastructure from the DeFi protocol Fluid. OSL Group, a Hong Kong-listed firm, runs and distributes USDGO, whose reserve assets include U.S. Treasuries, CoinDesk reported.

What the first numbers show

Jupiter’s own lending feed showed 367,904 USDGO, about $368,000, in the USDGO deposit vault at 19:42 UTC. Depositors earned a combined rate of 8.02% a year. Almost all of it came from rewards: 8.00 points, with only 0.02% from borrower interest.

Five borrow vaults let users take out USDGO against different collateral. They accept $SOL, Jupiter Perps LP ($JLP), wrapped bitcoin ($BTC), Jupiter Staked SOL and staked USDai. Together they had lent about 303,400 USDGO across 26 open positions, with a borrow rate of 0.38% a year.

One vault dominates. Borrowers posting staked USDai had taken about 275,500 USDGO, or 91% of the total. The $SOL vault had lent just 15 USDGO.

Why it moved

The early deposits line up with a reward-heavy rate. A depositor earning 8.02% gets far more from rewards than from lending demand right now. Reward rates can change, so this figure is a snapshot, not a promise.

Access is the other draw: OSL’s own USDGO yield follows the federal funds rate and stood near 3.24% after fees in May, CoinDesk reported. That yield is open only to professional investors on OSL’s platform. Jupiter’s market is open to other holders, who earn a rate that moves with borrowing demand.

Who’s lending and borrowing

The new market is still small next to the stablecoin itself. CoinGecko put USDGO’s market value at $1.08 billion at 19:44 UTC, down 0.2% in 24 hours. CoinDesk put it near $1.1 billion, after about $1.29 billion in mid-October.

Jupiter told CoinDesk that Jupiter Lend has more than $1 billion in active loans. Jupiter’s public vault feed listed about $633 million in outstanding borrows across 88 vaults at 19:42 UTC. The two figures may count loans in different ways; Jupiter has not explained the gap.

For the wider market, $JUP held up better than most Solana tokens on Thursday. It rose 1.9% in 24 hours and 10.3% over seven days, per CoinGecko. $SOL fell 3.8% over the same day.

What to watch next

Three numbers will show whether the market gains real traction. First, total USDGO deposits, now about $368,000.

Second, the reward share of the 8.02% rate, which drives most of the return today. Third, whether borrowing spreads beyond the staked USDai vault, which holds 91% of USDGO loans.

Bitget Wallet’s listing is worth tracking too. Its reported user base is large, but that figure is the wallet’s overall audience, not a count of USDGO lenders.

Bottom line: Jupiter Exchange’s USDGO market opened with about $368,000 in deposits, drawn mostly by an 8% reward rate.