KaminoStable Loop8.55%
—
-3.93%
$1.1B
$4.3M
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Strategy overview
This Kamino Multiply strategy uses USDS as collateral to borrow PYUSD, then converts the borrowed PYUSD into more USDS. The loop can amplify USDS yield, but it also increases liquidation risk.
- How it works:
- Your USDS is supplied as collateral, PYUSD is borrowed against it, and the borrowed PYUSD is swapped back into more USDS — repeated to reach the target leverage. You earn the supply yield on the full looped amount, minus the cost of borrowing PYUSD.
- What you hold:
- A leveraged USDS collateral position with PYUSD debt managed inside the lending market.
- Who runs it:
- Kamino — live since 2022 · audited by 5 firms · no known incidents
Position details
- Liquidity Available
- $4.3M
- Max Leverage
- 5x
- Net APY at 5x
- 8.55%
- Collateral Asset
- USDS — Max LTV 80%
- Debt Asset
- PYUSD — Liq LTV 90%
- Supply APY
- 3.39%
- Borrow APY
- 2.10%
- Utilization
- 86.9%
- Tokens
USDScollateral–
PYUSDdebt
Net APY by leverage over time. net = supply × leverage − borrow × (leverage − 1).
Elevated risk · Grade D
59/100
- Uses borrowed money, which magnifies losses — up to 5x leverage (liquidation at 90% LTV).
- Control over the protocol's code matters — upgradeable behind a multisig (threshold undisclosed).
- USDS's backing carries more risk than plain cash reserves — crypto-backed.
Strategy
- Strategy type80
Leveraged loop
- Leverage90
Up to 5x leverage (liquidation at 90% LTV).
- Yield source85
Yield comes from a leveraged position.
- Pool usage14
87% of supplied liquidity is borrowed.
- Pool size0
~$1.1B pool.
- Lock-up & yield stability14
30d APR volatility 4.1pp.
What can go wrong
- Liquidation: if your loan-to-value rises above 90%, the position is liquidated and you can lose collateral. Higher leverage sits closer to this line.
- Depeg: if PYUSD loses its peg, your effective LTV can spike and trigger liquidation even without a price drop in USDS.
- Rate risk: the loop is only profitable while the USDS supply yield stays above the PYUSD borrow cost — that spread can compress or turn negative.
The assets
What your deposit is held in, and how steady its value is.
- Backing model35
USDS: crypto-backed.
- Peg history5
USDS: worst recorded peg deviation informs this score (15 recorded event(s)).
- Issuer size0
USDS: ~$6.6B market cap.
- Exit liquidity39
USDS: ~$2.0M DEX depth.
- Token age0
USDS: live since 2017.
- Freeze authority35
USDS: issuer can freeze token accounts.
These rows show USDS. The overall score counts the weaker token on each measure.
About USDS
Each asset in this position — what it is, how reliable it is, and any past depegs.
USDSUSDS (formerly DAI)StablecoinCollateral
Some RiskBy Sky. Sky's (ex-MakerDAO) dollar stablecoin, over-collateralized by on-chain crypto and real-world assets. · Live since 2024
- ·Worst deviation from $1 peg: 0.09% (tracked window).
- ·Held its peg 100.0% of the time.
- ·Small market cap — thinner liquidity makes a depeg more likely under stress.
Peg adherence (7d): 100.0%Worst deviation (7d): 0.037%DEX liquidity: $2.0M
Audited: Yes — Multiple (protocol audits)
Past depeg events
USDS…TwcA
Token notes & warnings
- Freezable — The authority's owner has the ability to freeze your token account, preventing you from further trading
- Mintable — The authority's owner has the ability to mint more tokens
The team and protocol behind this, and their track record.
Supplies your deposit into Kamino's lending reserves or automated vaults, where it earns interest from borrowers. Multiply positions loop your collateral against borrowed assets to amplify yield.
- Admin controls45
Upgradeable behind a multisig (threshold undisclosed).
- Exploit history0
No known exploits.
- Track record0
Live for ~48 months.
- Price feeds35
Single robust price feed (Scope).
- Scale0
$1.3B TVL — battle-tested at scale.
- Safety reserves · no data40
No disclosed treasury/insurance backstop.
- Bug bounty0
Live bug bounty up to $1.5M.
- Audits0
Audited (OtterSec, Sec3, Offside Labs, Certora, Ackee Blockchain).
How we rate risk
Stablecoin strategies get a 0–100 risk score (lower is safer) built from three areas — Protocol (audits, incident history, track record and admin controls), Strategy (leverage, lock-ups, pool size and yield source) and Asset (the token's peg record, backing, and exit liquidity) — weighted by strategy type — and the weakest area can push the overall number higher (riskier) on its own. The score maps to a grade: A ≤ 22, B ≤ 35, C ≤ 50, D ≤ 70, E above. Grades compare opportunities within our stablecoin catalog — an A is the strongest thing we list (blue-chip stablecoin lending), not a promise of safety. Live events (an active depeg, a reported exploit, a sharp deposit outflow) override the score immediately. Where we lack data, the factor says so and scores cautiously. Non-stablecoin opportunities are not rated. A comparison aid, not advice.
Risk levels are Akashi's own assessment to help you compare opportunities — not financial advice or a safety guarantee. Every DeFi position carries smart-contract and market risk.
Non-custodial · Akashi never holds your funds