A carry-backed dollar for the Solana economy.
Deposit USDC and earn the yield Solana's markets already pay — with no bet on SOL's price.
−1.2%
Max drawdown · 24-mo backtest
~0%
Net APY · fully loaded
Anytime
USDC redemption
How it works
Earns when funding pays. Parks when it doesn't.
When SOL-PERP funding is positive, ksUSD shorts the perp on Phoenix against jitoSOL and banks it — with SOL's price hedged out. When funding is thin, it parks in USDC lending.
Illustrative — gap exaggerated for clarity. Full mechanism in the whitepaper.
ksUSD is short SOL-PERP on Phoenix against jitoSOL. It collects funding plus staking yield, with SOL's price hedged out.
The trade doesn't clear its costs, so ksUSD holds USDC in Kamino lending until it's worth running again.
Deposit
Add USDC, get ksUSD.
It earns
Yield accrues into the share price.
Redeem
Swap back to USDC anytime.
Backtested performance
It kept climbing while SOL fell.
$100 → $115 over 24 months · ~7% net APY
−1.2% max drawdown · fully loaded, haircut & fees in · vs. USDC lending
SOL fell −64% from its Jan 2025 high. ksUSD kept climbing — share price tracks carry, not spot.
Simulated daily backtest, net of fees. Full methodology, costs, and risks in the whitepaper. Past performance does not guarantee future results. Not financial advice.
Why ksUSD
Not another T-bill dollar.
RWA dollars pay the interest rate. ksUSD earns on-chain carry that doesn't move with it, so it diversifies a portfolio rather than doubling down on rates. Not a higher yield, a different one.
Earn whatever T-bills earn, so the yield rises and falls with interest rates: when the Fed cuts, it drops with them. A bet on the rate cycle, settled off-chain.
Earns from crypto funding, staking, and lending, which move independently of rates. Uncorrelated to the Fed, and verifiable on-chain every block.
Hold the dollar that earns.
Put your dollars to work, and redeem them whenever you want.