Jupiter launched Lend v2 on Monday, adding opt-in Smart Collateral and Smart Debt vaults that route deposited or borrowed assets into tightly correlated Solana liquidity pools so the same capital can earn lending yield, swap fees and, for SOL-based positions, staking rewards. The upgrade also introduces Multiply vaults for automated recursive borrowing on stablecoin positions up to 95% loan-to-value and adds Re Protocol's reUSD, backed by a $510.5 million reinsurance portfolio, as accepted collateral. The rollout initially covers USDC-USDT and SOL-JupSOL pairings and uses Fluid's liquidity layer, with revenue shared between Jupiter and Fluid. Jupiter said its router will continue to send swaps to the best available price rather than favoring its own vaults. In a depeg, Smart Collateral users absorb losses on the paired assets, while Smart Debt borrowers are protected on rebalance at the original loan value. Jupiter Lend has about $1.9 billion in deposits and $822 million in active loans, with outstanding loans ranging between $600 million and $900 million since September 2025; 24,943 wallets signed transactions on the protocol in the 30 days ended August 9, according to Solana Compass.