Some live data is paused. Our server went offline on October 14, 2026, so live rates and some figures on this site may be out of date. Signed reserves resumed on November 12. The contracts on Base are unaffected, and kUSD can still be redeemed for USDC directly on chain. See status and how to redeem directly.
Skip to content
TerminalMint kUSD
ContactTerminal

Digital dollars you can check.

Your money stays yours. kUSD sits in your own wallet on Base, backed one for one by USDC, so an ETH crash does not touch it. Back to USDC in one transaction, with no lockup and no cooldown.

See reserves
    BaseHexensHyperliquidSourcifyEthereumChainlinkDefiLlama

A dollar you can check every 15 minutes.

kUSD is backed one for one by USDC, with reserves signed every 15 minutes and anyone able to rerun them from chain.

See the signed reserves
  • PausedskUSD yield. The hedge is flat, so none is paid in today.
  • 102.0%Backed by USDC, signed 14 Nov 2026, 23:15 UTC
  • Every 15 minReserves signed, and anyone can rerun them
  • 10 to 5 bpsFee to mint or redeem, lower on bigger tickets

kUSD on Base

From kUSD back to USDC.

Explore fees

See what you receive after conversion fees. Follow a $10,000 example from deposit to withdrawal.

A $10,000 example · USDC → kUSD → USDC
01 / YOU START WITH
USDC
10,000.00

Convert to kUSD · $10.00 fee

02 / YOU HOLD
kUSD
9,990.00

Convert back · $9.99 fee

03 / YOU RECEIVE
USDC
9,980.01

Returned to your wallet

$19.99total conversion fees

0.1% each way in this example.

Network fees are additional. Conversion depends on available liquidity.

Explore the reserves ↗

kUSD backing

Markets crash. Every kUSD still has a dollar behind it.

Every kUSD is backed by a dollar of USDC, not by ETH, so ETH can fall 50% overnight and the backing does not move. The code is verified on Sourcify, and you can check the reserves yourself on chain, any time.

Live from Base

USDC in three PSM contracts on Base against every kUSD outstanding, read from chain and signed every 15 minutes.

Where the backing sitssigned 14 Nov 2026, 23:15 UTC, kerne.fi/api/por
USDC in the PSMs112.44
Prior mint PSM0x07eB…59935.99
Legacy redeem PSM0xFf30…5Fbc85.89
Live mint PSM0xaBDE…980320.57
kUSD outstanding110.26
Backing102.0%

Redeem one for one, less the fee, up to the USDC held in the PSM you redeem from (read live).

Three more things behind every kUSD

Verified source

The live mint PSM runs the source Hexens reviewed and is an exact match on Sourcify. kUSD and skUSD have partial source matches; kUSD predates the reviewed commit.

Depeg gate

Every mint and redeem on the live PSM checks Chainlink’s USDC/USD feed and reverts if USDC slips off its peg.

48-hour timelock

Changing a PSM gate or who can mint kUSD waits 48 hours in a public timelock that only the governance multisig can propose to. The emergency pause is the exception: the Safe can pull it at once.

See what backs kUSD.
Compare what yield delivers.

Proof of reserves ↗

Inspect the USDC backing kUSD and the signed reserve statement.

Honesty board ↗

Compare advertised yields with returns measured on chain.

Kerne Proof of reserves page showing the signed reserve statementKerne Honesty board page explaining advertised and realized yields

Page previews · Open either page to explore the full report.

Explore the data behind Kerne.

BACKINGReading Base
—USDC backed
USDC reserves
—
kUSD supply
—

Proof of reserves

Every dollar of backing.
Check it on chain.

Loading live reserves…
VAULT RETURNS30 DAYS
AdvertisedRealized

Board last signed 6 Oct 2026. Open the full view.

The honesty board

Compare the rate you see
with the return you get.
INDEPENDENT REVIEW2026
Hexens
8 Fixed2 Acknowledged

10 findings · None critical

Open by design

The full audit.
Every finding and response.

 Verified source Risk monitor Risk curation

Every finding published.
Every response, on record.

Hexens reviewed five contracts at a specified commit. Read the final report and our response to each of its ten findings.

Hexens

Kerne Protocol
Final audit report

31 July 2026, reissued 20 August 2026 · Five contracts

Read the full report
10Findings
8Fixed
2Acknowledged

No critical findings in this review.
Every finding has a published disposition.

Explore every finding The review covers the named source at one commit. The deployed-source record and current open findings are published separately.

Report. Findings. Deployed source.
Follow the complete security record.

All audit records

Hexens audited kUSD, and SBSecurity and independent researchers reviewed it. None found a critical flaw.

Audited by Hexensreviewed by SBSecurity and independent researchers
  • 0critical findings from Hexens or SBSecurity. Hexens went through five contracts and found none.
  • 100%of Hexens findings answered. Eight fixed, two acknowledged, every one published with its status.
  • VerifiedThe mint path contracts are verified on Sourcify. Anyone can read exactly what runs, before they send a cent.
  • Opendisclosure desk. Any researcher, any time, no invitation needed. Public credit, and no cash reward today.

Latest reports

View all
More from Kerne

Built on the same habit.

Kerne is a delta-neutral stablecoin company first, and everything above is kUSD. Two newer lines run on the same rule: publish the limits and the live numbers.

Risk curation, new in October 2026

Kerne Curation

Kerne decides what a lending vault may lend against, how much, and when to pull back, and publishes the rules before the money. Blue-chip collateral and market-priced oracles only, never Kerne's own assets, and cap increases wait three days.

Kerne USDC on Morpho, Base: reading the chain

See the vault and the rules
Tokenized stocks on Base, new in November 2026

Kerne Stock Options Desk

Two vaults for Coinbase tokenized stocks on Base. One writes covered calls on stock you deposit, the other writes cash-secured puts against USDC you deposit. A separate agent signs a reference quote for 13 stocks every 15 minutes.

Not audited, and deposits are closed. Not offered to US persons. The desk page carries the current state of each vault.

See the deskOpen the quotes

Kerne’s kUSD is always backed by one real dollar, and you can check it every 15 minutes.

Mint kUSD on BaseRead the reserves