Jupiter taps Bitwise to curate institutional-grade Solana-based USDe lending market
Quick Take
- Jupiter Lend, together with Fluid and Bitwise, will provide an avenue to earn yield on the USDe synthetic stablecoin.
- This dedicated USDe lending market will be isolated from Jupiter Lend’s existing liquidity layer, minimizing risks for potential institutional users.
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Major Solana infrastructure provider Jupiter has tapped Bitwise to curate a dedicated, isolated market for USDe on Jupiter Lend. This marks the first time an institutional asset manager is curating a market on Jupiter Lend, according to an announcement on Wednesday.
The dedicated USDe lending market will be isolated from Jupiter Lend’s existing liquidity layer, minimizing risk for "institutional capital." It is also tapping the decentralized Fluid protocol to provide lending and collateral infrastructure support.
"Jupiter and Fluid have built unique infrastructure for efficient lending markets," Bitwise Head of DeFi Strategies Jonathan Man said. "Their design offers deep liquidity and thoughtful risk-mitigating features, making it a compelling foundation for an isolated USDe market on Solana."
In short, the launch provides an avenue to earn yield on USDe, a synthetic, stablecoin-like asset that has at times attracted institutional attention.
"USDe is an institutional-grade savings product, built for scale. By combining Jupiter Lend's advanced lending infrastructure with Bitwise's asset management expertise, we've created an efficient USDe market ready for Defi and institutional adoption," Guy Young, CEO of USDe issuer Ethena Labs, said in a statement.
Launched in early 2024, USDe had grown to become the third-largest stablecoin by mid-2025. However, the asset has since dropped down in its ranking, in part due to decoupling risks that became apparent following the significant crypto market crash on Oct. 10.
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