Jupiter Adds Anchorage Stablecoin USDGO on Solana
Jupiter is expanding USDGO into lending and yield on Solana. That gives Anchorage and OSL’s stablecoin more uses alongside USDT and USDC.
Key Takeaways
- Jupiter has added a lending market for USDGO on Solana.
- Users can earn interest on the stablecoin or borrow USDGO against their crypto as collateral.
- USDGO is issued by Anchorage Digital Bank and managed and distributed by OSL Group.
Jupiter added a lending market for USDGO on Thursday. That lets users earn interest on the stablecoin or borrow USDGO against their crypto as collateral. That gives the token on Solana a role beyond payments and trading, while smaller stablecoins try to gain more ground in the crypto lending market.
USDGO Gets More Use
USDGO is issued by Anchorage Digital Bank and is managed and distributed by OSL Group. The stablecoin is backed by reserves, including U.S. government bonds. OSL already offers USDGO holders a yield tied to the federal funds rate, but only for professional investors on its platform.
Jupiter is taking a different approach. On the platform, other holders can also earn onchain yield, with the interest set by borrower demand. According to Jupiter Lend, the total now stands at more than $1 billion (€0.9 billion) in active loans.
Competition Around Stablecoins
The expansion fits into the battle between smaller stablecoins and market leaders Tether's USDT and Circle's USDC. Those two still dominate most of the market together, while new tokens like USDGO are trying to build more use outside the traditional trading environment.
The USDGO market is still growing. Supply nearly doubled in July to $900 million (€809 million), while the broader stablecoin market shrank. The market cap now stands at around $1.1 billion (€1 billion), compared with about $1.29 billion (€1.2 billion) in mid-October.
Why This Matters
For European crypto readers, this shows how DeFi is increasingly being built directly into wallets instead of just serving as a payment method. Wallets are also playing a bigger role in that: Bitget Wallet has added the lending market to its self-custodial wallet, giving 100 million users access to USDGO lending and borrowing without leaving the wallet, according to the company.
Other players are also trying to make stablecoins more useful outside trading. For example, Arbitrum is joining the USDG network to share reserve income through integrations with trading, lending, and payments partners.