Pre-launchPharos hasn't ingested data for this one yet.Beta

Pharos can still tell you how this asset is supposed to work, when it expects to launch, and what sources to watch. Live market, peg, liquidity, and safety surfaces activate only after the first post-launch data sync.

kUSD v2 is live on Base (first PSM mint 2026-05-14), but Pharos treats it as pre-active until a usable runtime price path exists. The protocol is in a genesis, capacity-capped phase: supply is about 118 USD, DefiLlama stablecoin id 402 exposes supply with price=null, CoinGecko does not resolve a Kerne USD coin, and the v1 WETH/Hyperliquid hedge vault leg is disclosed-degraded and excluded from reserves so kUSD is currently 100% USDC-backed through the on-chain PSM. Staking wrapper skUSD (ERC-4626, 0xdEd74F7E) is deployed with a published live APY but near-zero third-party stake. Admin is a 2-of-3 Gnosis Safe; hourly signed proof of reserves is published at kerne.fi/verify.

Kerne USD (kUSD) Pre-launch Stablecoin Tracker

kUSD

At a Glance

Backing: Crypto-Collateralized
Governance: CeFi-Dependent
Peg Currency: US Dollar
Jurisdiction: British Virgin Islands

Launch Alert

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Activity Timeline

Jun 1, 2026Audit

Independent researcher review published

Anonymized independent researcher review published at kerne.fi/security/audits; not a formal third-party audit.

Source

May 14, 2026Milestone

First kUSD mint on Base through the Peg Stability Module

kUSD v2 minted 1:1 against USDC via the on-chain PSM on Base.

Source

Genesis Beta, USDC-Backed Today

kUSD is Kerne Protocol's Base-native synthetic dollar, live at genesis scale but still pre-active in Pharos because the runtime price path is not ready. DefiLlama now indexes Kerne USD supply as stablecoin id 402, but the row reports price=null and CoinGecko does not yet resolve a Kerne USD coin, so Pharos keeps it on the upcoming tracker rather than the active dashboard. Current backing is simple: about 117.85 USDC in the on-chain Peg Stability Module against 117.735154 kUSD outstanding as of July 3, 2026. The more ambitious delta-neutral design, with a WETH vault and Hyperliquid short hedge, is documented as degraded and excluded from reserves pending a v2 redeploy. Admin authority sits with a 2-of-3 Gnosis Safe, and Kerne publishes hourly signed proof-of-reserves data at kerne.fi/verify.

Updated July 3, 2026