Solana stablecoin lending tightens as Jupiter Lend USDC utilization hits 99%

BlockBeats reported that on April 20, after the KelpDAO rsETH hack, spillover effects began surfacing across DeFi, pushing up stablecoin borrowing costs and driving higher utilization at several Solana lending venues. On Jupiter Lend, USDC supply stands at $421 million, with $340 million borrowed. After accounting for protocol reserve liquidity, utilization is estimated at about 99%, leaving nearly no available liquidity. The current borrow rate is 4.36%. Kamino's Prime Market shows roughly $186.8 million in USDC supplied and about $178.8 million borrowed, putting utilization near 96%. The borrow rate is 8.92%. On Kamino Main Market, USDC supply is about $172 million and borrowings are about $164 million, implying utilization around 95.75%. The borrow rate is 10.2%. Save Finance (formerly Solend) reported loan utilization above 70%, with a current loan rate of 3.9%. On Marginfi, USDC lending utilization has climbed to 88.32%, with the lending rate currently at 7.65%.