Introduction
ksUSD turns SOL staking into dollar yield. It is a vault share, not a pegged dollar — the price floats with what the vault holds.
Deposit USDC, get ksUSD at the current share price.
Hold it. Nothing to stake, nothing to claim — yield accrues into the price.
Withdraw anytime. Small amounts pay out instantly, larger ones queue.
With the money it stakes, hedges the price away, and parks in USDC lending when the hedge stops paying for itself. It picks between those from an on-chain funding signal, on a schedule, with nobody steering it. What is ksUSD? →
Staking is the engine, not funding. Staking accrues on every hedged day and nothing is traded for it; funding decides whether the hedge is worth putting on. On this window funding is the larger leg at the margin: take staking out of the backtest and the vault nets 5.20% against a published 7.19%; take funding out and it never hedges at all, netting 4.52%. Neither leg alone gets near the combined figure. Where the yield comes from →
Backtested on Phoenix's own funding, over every day the venue has quoted a SOL perp: 7.19% net, −0.314% max drawdown across 316 days. The window's last month, September 2026 (+22% funding), is the venue's best; ending a month earlier gives 5.86%. Historical simulation →
Where to go next
Depositing? What is ksUSD? → Deposit → What it costs → What can go wrong
Building on it? Quick start → Instructions → Accounts
Running a keeper? Keeper bot → Monitoring → Admin ops
Just want the mechanism? Strategy & Modes for the modes, the funding threshold and the rebalancing rules; the whitepaper for the derivations, the risk disclosures and why the design only assembles on Solana; the Hylo comparison for the closest Solana-native alternative.
Unfamiliar term? The glossary defines funding, delta-hedged, NAV and the rest.
Program
Devnet
keystone_finance (ksUSD vault)
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Mainnet
E7tpCcxtvuTXLAckBGWb1AsndpLQ1Y9hQA3iGYSXz2vJ
Pending audit / deploy
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