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Jupiter Opens $200M USDe Lending Market on Solana with Bitwise, Ethena, and Fluid
Jupiter has launched a new USDe lending market on Solana, plugged into its onchain lending platform, Jupiter Lend, according to CoinMarketCap. The initiative brings together crypto asset manager Bitwise, synthetic dollar issuer Ethena, and lending infrastructure provider Fluid, positioning the venue as an institutional-grade lending market for large pools of capital.
Bitwise is acting as curator for the first time, marking the first instance of a traditional asset management firm taking on market curation responsibilities on Jupiter Lend. Under the arrangement, Jupiter supplies the lending platform, Bitwise oversees curation and risk management, Ethena provides the core asset USDe, and Fluid runs the underlying infrastructure.
Jupiter said the launch is its first partnership with a major institutional participant and its first integration with an external asset management firm. The company added that the structure is intended to scale over time to support larger volumes of institutional capital.
The USDe market is sized at $200 million and is designed as an isolated pool, separate from other Jupiter Lend liquidity layers. The goal is to ring-fence risk so volatility in the USDe market does not spill over into other lending pools.
Jupiter also framed the model as a new pathway for traditional financial institutions to participate directly in onchain lending, rather than simply allocating capital to existing DeFi protocols.
The collaboration also comes as Ethena adjusts the composition of USDe reserves. Ethena said perpetual futures positions now represent 11% of reserves, with the remainder spread across stablecoin reserves, DeFi lending, institutional lending arrangements, and other strategies.
In recent months, Ethena has expanded overcollateralized institutional lending partnerships with Anchorage Digital, Maple Institutional, and Coinbase Asset Management. It has also been exploring tokenized real-world assets, commodity basis trading, and prime brokerage lending structures.
Ethena added that it has evaluated gold-related perpetual contract markets, including PAXG and XAUT, as potential additions to its neutral strategy aimed at reducing correlation with the broader crypto market.