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 Our server went offline on October 14, 2026, so live rates and some figures on this site may be out of date.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.
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TerminalMint kUSD
Status, updated 12 Nov 2026

Off-chain systems were down for a month. The reserves did not move.

From October 14 to November 12, 2026, Kerne's off-chain hosting was offline. The hosting account behind our server was closed, and the provider deleted the server on October 28. That server ran the proof of reserves publisher and the hedging tools. The websites were suspended at their host in the same window. The contracts on Base depend on none of that. The USDC reserves, every kUSD balance and the redemption path kept working with nothing else running.

Funds were never affected

Read directly from Base at block 56,662,876 on 12 Nov 2026. Every figure links to the contract that holds it.

MeasureValue
USDC held by the three PSM contracts1,101.45 USDC
kUSD outstanding (total supply 1,135.26 less 35.00 held by the PSMs)1,100.26 kUSD
Backing100.11%
Change in USDC reserves during the outage, 14 Oct to the restart on 12 Nov0.000000 USDC
Redeemed since the restart: 9.98 kUSD at the live mint PSM on 12 Nov, 20:07 to 20:09 UTC (transaction 1, transaction 2)9.970020 USDC paid out
Reserve contractUSDC
Retired mint PSM, redeem only 0x07eBb486e11BD217e6085eb5ab663e4517595993995.003000
Redeem reserve 0xFf3025ec18e301855aB0f36Ec6ECa115a29A5Fbc85.885006
Live mint PSM 0xaBDE1138aa1Ce88d1dF06422C0c3b05D7056980320.566610

kUSD token: 0x5C2EfdF0D8D286959b42308966bc2B97f5680AA3. To check the balances yourself, open USDC (0x833589fCD6eDb6E08f4c7C32D4f71b54bdA02913) on Basescan and call balanceOf for each reserve contract. The same reads on 14 Oct, at the start of the outage, and on 12 Nov before the redemption above both returned 1,111.424636 USDC. That redemption is the only change since, and the kUSD it returned was burned.

What is paused

Stated as it stands on 12 Nov 2026.

  • The hedge. There has been no open position since October 6, when the last Hyperliquid fill closed a 0.0079 ETH short. Nothing is earning basis today.
  • skUSD yield. The skUSD share price is flat at 1.0000987 kUSD per share. It accrues no yield while the hedge is flat. Unstaking works at any time with no cooldown.
  • The signed proof of reserves: resumed. The hourly signed attestation stopped when the server went offline on October 14. It resumed on 12 Nov 2026 on new infrastructure, signed every 15 minutes by a new dedicated key, 0xfA066f9701b75A4c134893E6c44D4fe87D2C9453, which holds no funds and never touches a trading venue. It replaces the previous signer, 0x09a2780a. The on-chain reads above need no signer at all.

The mint and redeem contracts are not paused. The checks they run before a redemption, including the Chainlink USDC price feed, do not depend on any Kerne server.

How to exit without the app

Any holder can do this from Basescan with a connected wallet. No Kerne website, server or signature is involved.

kUSD to USDC

  1. Pick a PSM whose USDC balance covers your amount: 0x07eBb486 (995.00 USDC) or 0xaBDE1138 (20.56 USDC).
  2. On the kUSD contract, call approve with that PSM as spender and your amount in 18 decimals (1 kUSD = 1000000000000000000).
  3. On the PSM's Write Contract tab, call swapKUSDForStable with stable = 0x833589fCD6eDb6E08f4c7C32D4f71b54bdA02913 (USDC) and the same amount.

You receive one USDC per kUSD less the PSM's published fee: 10 bps below $50,000, lower above that. To send the USDC to another address, use swapKUSDForStableTo instead.

skUSD to kUSD

  1. On the skUSD contract, call balanceOf with your address to read your shares. skUSD uses 24 decimals.
  2. On its Write Contract tab, call redeem with shares = that balance and your address as both receiver and owner.
  3. You now hold kUSD. Follow the steps on the left to take it to USDC.

skUSD is a standard ERC-4626 vault. There is no withdrawal queue and no cooldown.

What the month showed

Everything that holds money lives in contracts on Base, and all of it kept working with the rest of Kerne switched off. What went dark was the layer that reports on those contracts: the site, the signed attestation and the hedging tools, all of which ran on one server. The restored site runs on static hosting with no Kerne server behind it, and the attestation signer now runs the same way, so that one account can no longer take the reporting layer down.