---
title: "Kerne USD (kUSD) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/kusd-kerne/"
description: "Build-time stablecoin profile for Kerne USD (kUSD). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-07-03"
---



# Kerne USD (kUSD)

**Peg:** US Dollar

**Backing:** Crypto-Collateralized

**Governance:** CeFi-Dependent

**Status:** pre-launch

## Overview

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.

## Collateral

Currently backed 1:1 by USDC held in an on-chain Peg Stability Module (about 117.85 USDC against 117.735154 kUSD outstanding as of 2026-07-03). By design kUSD is a delta-neutral synthetic dollar: a WETH vault leg paired with an equal short on Hyperliquid (Lido/wstETH staking long plus perpetual funding), but that vault leg is in a disclosed degraded state pending a v2 redeploy and is excluded from published reserves, so live backing is presently the USDC PSM reserve only.

## Peg Mechanism

1:1 mint and redemption against USDC through an on-chain Peg Stability Module: minting routes through KUSDPSM v3 (0x07eBb486, 10 bps fee, 10,000,000 USDC cap) which holds the kUSD MINTER_ROLE, and redemptions settle from the redeem-reserve PSM (0xFf3025ec) that holds the USDC backing. The intended steady-state peg pairs the PSM with a delta-neutral basis trade (wstETH staking long, Hyperliquid perpetual short) so holders carry no directional ETH exposure; that hedge leg is currently degraded and excluded.

## Jurisdiction

| Country | Regulator | License |
| --- | --- | --- |
| British Virgin Islands | N/A | N/A |

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| base | `0x5c2efdf0d8d286959b42308966bc2b97f5680aa3` | 18 |

## Live Data

This is a pre-launch stablecoin profile. Live API data is not available until launch.