Jupiter Facilitates Institutional-Grade Lending Market For Bitwise

Bitwise and Ethena Join Forces on Jupiter Lend

@Bitwise, the $11 billion-plus asset manager, has officially partnered with @Ethena to deploy an institutional-grade lending market on @JupiterExchange's Jupiter Lend platform. The collaboration marks Jupiter Lend's first major institutional partnership, with Bitwise taking on a market curation role focused on Ethena's stablecoin ecosystem.

The deal brings a registered asset manager's risk-management framework directly into on-chain credit markets, providing professional-grade oversight of liquidity and lending operations. For Jupiter, it signals a deliberate push to attract institutional capital to its lending product, which only launched its public beta in August 2025.

Jupiter Lend's Institutional Ambitions

Jupiter Lend was launched publicly in late August 2025 in collaboration with Fluid, a DeFi lending infrastructure firm. The platform surpassed $500 million in total value locked within 24 hours of its public beta launch. It introduced loan-to-value ratios of up to 95%, alongside a proprietary liquidation engine built by Fluid.

The Bitwise partnership layers institutional governance on top of that infrastructure. Bitwise will curate a dedicated market for Ethena's stablecoin products, applying the kind of risk controls and credit oversight more commonly associated with traditional finance. Ethena Labs has positioned this type of arrangement as a crucial step in its broader effort to offer institutional-grade stablecoin solutions through its Stablecoin-as-a-Service model, a framework that allows blockchain platforms to issue native stablecoins without depending on external issuers.

The Ethena relationship with Jupiter runs deeper than this single lending market. Jupiter previously partnered with Ethena Labs to launch JupUSD, a native Solana-based stablecoin, as a key component of Jupiter's growing superapp strategy as the platform expands beyond its origins as a DEX aggregator. Direct minting and redemption of JupUSD are available only to onboarded, KYC/KYB-verified institutional participants.

For Bitwise, the move extends its on-chain footprint beyond spot crypto products into active DeFi infrastructure management, a relatively uncommon step for a regulated asset manager of its scale.

Sources:
Jupiter Lend Public Beta Launch, PR Newswire
Jupiter rolls out native JupUSD stablecoin, The Block