$  ksUSD  |  CARRY-BACKED DOLLAR  |  BASE

A carry-backed dollar
for the Base economy.

Deposit USDC and earn the yield Base's markets already pay — with no bet on ETH's price.

~11% Net APY · 51-Mo Backtest
No price risk ETH Fully Hedged
Anytime USDC Redemption
Launch App → Read the whitepaper
How it works

Always on the side that gets paid.

When the market pays to be long, ksUSD earns it. When it pays to be short, ksUSD earns that. When neither pays enough, it waits in lending.

FUNDING CAPTURED ETH-PERP SPOT SHORT IDLE · USDC LONG

Illustrative — gap exaggerated for clarity. Full mechanism in the whitepaper.

LIVE REGIME · Currently parked
-0.13% APR  ·  BINANCE PROXY  ·  JUN 24
in between

ACTIVE NOW — Funding's too small to beat trading costs, so ksUSD just earns from lending.

01
Deposit
Add USDC, get ksUSD.
02
It earns
Yield accrues into the price — automatically.
03
Redeem
Swap back to USDC anytime.
Backtested performance

It kept climbing while ETH fell.

$100 → $185 over 51 months
~11% net APY target · vs. USDC lending
ksUSD
USDC Lending
$90 $120 $150 $180 Jan '22 Jan '23 Jan '24 Jan '25 Jan '26 Nov '22 (FTX) ETH ATH Jan '25 $184.88

ETH fell -64% from its Jan 2025 high. ksUSD kept climbing.

Backtest disclaimer: Performance data represents a simulation over 51 months (Jan 2022 – Apr 2026) using Binance ETH perpetual futures as a proxy for Base ecosystem carry. Fees, slippage, and execution costs are estimated. Past backtested performance is not indicative of future results. ksUSD and Keystone Finance are experimental DeFi protocols. Nothing here is financial advice. DYOR.
DEVNET LIVE  ·  MAINNET PENDING AUDIT

Hold the dollar that earns.

Put your dollars to work, and redeem them whenever you want.

Launch App → Read the documentation