Solana staking yield, as a dollar.
Deposit USDC, hold one token. Delta-neutral, fully on-chain.
−0.27%
Max drawdown · 24-mo
0.00%
Net APY · 24-mo backtest
5.1–7.0%
Bear year → bull year
How it works
It earns, or it parks.
ksUSD holds staked SOL and hedges SOL's price to near zero, leaving the staking yield in dollars. When that costs too much, it parks in lending.
Deposit
Add USDC, get ksUSD.
It earns
Yield accrues into the share price.
Redeem
Swap back to USDC anytime.
Staking yield reaches you as dollars. When funding is positive too, you earn more — that's the bull-market upside.
ksUSD sits in USDC lending instead. No performance fee those days — you keep the lending rate.
Backtested performance
SOL fell 94%. ksUSD still returned 5.5%.
$100 → $112.13 over 24 months · 5.89% net APY
−0.27% max drawdown · net of all fees · ~190 bps vs. USDC lending
2022SOL's worst
SOL −94%
ksUSD +5.5%
2023
SOL +920%
ksUSD +6.2%
2024
SOL +86%
ksUSD +7.0%
2025
SOL −34%
ksUSD +5.3%
Simulated daily backtest, net of fees. Calendar years above; the weakest rolling 12‑month stretch on record (May 2022 – Apr 2023) still returned +5.08%. 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 from Solana staking, which doesn't move with it — so it diversifies rather than doubling down on rates.
Earn whatever T-bills earn, so the yield falls when the Fed cuts. A bet on the rate cycle, settled off-chain.
Earns mostly from Solana staking, which tracks network activity rather than interest rates. Uncorrelated to the Fed, and verifiable on-chain.
Hold the dollar that earns.
Put your dollars to work, with SOL's price hedged to near zero.