Jupiter Adds Loop USD* to Offerbook, Offering Leveraged Yield on Perena's Stablecoin

Jupiter JUP$0.239-3.2% added Loop USD* to its Offerbook platform on August 14, giving depositors a one-click path to leveraged yield on Perena legacyUSD*$1.02-0.3%'s USD* stablecoin. The product targets up to ~16.6% APY by stacking USD*'s native yield with fixed-rate borrowed USDC, without exposing the position to oracle-triggered liquidations.

How Loop USD* Builds a Leveraged Position on Offerbook

Offerbook is Jupiter's peer-to-peer lending protocol, launched in public beta in June 2026, where borrowers and lenders exchange USDC against collateral at fixed rates for fixed durations. Loop USD* automates what would otherwise require several manual steps: deposit USDC, and Offerbook automatically builds a leveraged position in yield-bearing USD*, locking in the borrowing rate for the entire loan term.

Per the same announcement, leverage runs up to approximately 6.5 times. The borrowing cost is subtracted from USD*'s underlying yield; the net figure reaches the quoted ~16.6% APY maximum when the P2P rate at loan open is favorable. Because lenders set their own terms and match directly with borrowers, the rate a given user actually obtains depends on what the market clears at that moment.

Loans can be extended before maturity, which lets users roll a looped position without unwinding it.

What USD* Is and Where the Base Yield Comes From

USD* (USD Star) is Perena's yield-bearing stablecoin, backed by a combination of delta-neutral strategies, secured lending markets, and tokenized real-world assets. Perena launched the related SOL* product earlier this month, showing a pattern of building yield-oriented assets across asset classes.

The Loop mechanism does not create yield from nothing: it borrows USDC at a fixed rate, buys more USD*, and holds a larger position than the user's initial USDC would allow. The net return depends on USD*'s underlying rate staying above the fixed borrowing cost. When USD*'s native yield falls or borrow rates rise, the net APY compresses accordingly.

USD*'s current market cap sits at roughly $162,000, making it a small and early-stage asset. Its backing strategies are newer and carry less track record than established stablecoins.

Fixed-Rate Maturity Risk vs. Price Risk

Offerbook removes oracle-triggered margin calls. Because each loan is time-locked at a fixed term, no automated system closes a position based on price movement. The platform documentation states that if a borrower misses the repayment deadline, the lender manually claims the collateral after maturity.

For Loop USD* users, that shifts risk from price monitoring to deadline management. The position must be repaid or extended before the term ends, or the lender will claim the USD* collateral. Full interest is owed regardless of when within the term a loan is repaid, and the platform provides no repayment reminders.

Leverage compounds this: a position running at ~6.5 times amplifies any underperformance in USD*'s yield, not only the upside.

Lending USDC on Offerbook: Fixed Rates Secured by USD*

The other side of the trade is straightforward. Users who prefer the lender position can supply USDC directly, earning the fixed rate that loopers pay, secured by USD* collateral. Per Offerbook's fee schedule, loan initiation carries a 25% fee on interest charged to the borrower; repayment carries a 10% fee on interest charged to the lender; collateral claims after default incur a 0.1% fee.

The product is live at offerbook.jup.ag.