Mint kUSD with any token
Pay with ETH, USDC, USDT, DAI, or any major token on Base, Ethereum, Arbitrum, Optimism, Polygon, BSC, or Avalanche. Routed through Relay to USDC on Base, then minted 1:1 via the Kerne PSM. One flow.
Kerne has completed its first external audit: Hexens fieldwork ran from July 13, 2026 and the final report published on July 31, 2026 with ten findings, none critical, eight fixed and two acknowledged. That is a review of five contracts at one commit, not a guarantee of safety, and the deployed vault runs earlier bytecode than the reviewed commit. A public bug bounty is live, and proof of reserves is signed hourly. The APY quoted on the terminal's stat cards is a forward model, not realized yield. It is organic deployed-basis carry, where the hedge is sized one for one against on-chain spot so venue leverage reduces the margin posted rather than multiplying it. A Genesis incentive is escrowed on chain and is NOT included in it. That escrow has never paid a holder, so it is money on deposit rather than a rate. The split, the escrow address, its balance and the date it funds the rate through are published at kerne.fi/api/apy, and the carry alone is there as organicAPY. The separate 3x target at scale was withdrawn on 28 July 2026. Mint reflects your own diligence.
1.0x Opal multiplier live, Aug 7 to snapshot. Mint now to lock the Final stretch cohort on every fragment you earn through the snapshot on August 19, 2026 at 19:59 UTC. Waiting forfeits both the higher multiplier and the holding hours.
Fragments are points, not a token: if no distribution ever happens they convert to nothing. Full terms and the anchor tier are below.
kUSDon BasekUSD is redeemable for USDC through the PSM. For a holder who did not mint, and who is therefore drawing on the deepest single module rather than on their own deposit, the standing reserve is ~$995 now in one transaction.
A mint funds its own exit leg. The USDC you mint with is deposited into the mint module and stays on its balance, in the same transaction that mints your kUSD, so the reserve your own redemption draws on is your own deposit rather than the figure above. Exit is not at par: the same tiered fee applies on the way out, and redemption carries the same gates as minting, including a pause the operator controls. What the operator can and cannot do with the reserve is set out in the anchor terms, with the reads to check every line of it. Redeem any time on Swap.
kUSD mints 1:1 via the live Kerne PSM on Base. Cross-chain routing by Relay Protocol. The PSM fee is tiered by size and is quoted live above for the amount you enter. Stake the kUSD you mint into skUSD for the delta-neutral yield.
Capacity and price, live from the contract
- Mint capacity remaining
- 9,999,970 USDC of a 10,000,000 cap
- Instant exit, one transaction
- ~$995 deepest single module
- Fee by size
- 10 bps at $25,000 · 8 bps at $50,000 · 7 bps at $250,000 · 5 bps at $1,000,000
Those first two numbers bound opposite directions and the gap between them is the honest shape of this door. The cap is what the module will accept in. The exit figure is what the deepest single module will pay out in one transaction to a holder who did not mint. Which one binds you depends on what you are doing: minting is bounded by the cap, redeeming kUSD you already hold is bounded by that reserve, and a round trip on freshly minted kUSD is bounded by neither, because your own deposit is what funds your own redemption leg. That is set out under the mint card above.
Both figures come from the mint PSM on Base, not from anything typed in. The server reads them through /api/psm-status before the page is sent, and your browser reads them again straight from the contract once it loads, so the panel is populated whether or not a wallet is connected. The same two numbers, plus every readiness gate, are served as JSON at /api/psm-status, which needs no key and no wallet, so you can check it against Base yourself before you send anything.
Capacity is not yield. USDC deposited through the PSM sits as idle 1:1 backing for the kUSD it mints and earns nothing on its own. Minting is how you acquire the dollar; staking it into skUSD is what earns, and what has actually been paid is published at kerne.fi/honesty-index.
Sizing above the public cohort? The founding anchor tier is a separate, higher points floor granted by an executed anchor deposit letter, not a cohort a public mint can select. The rules are published at the Opal anchor tier and the deposit terms, including what the module can and cannot do with a parked reserve, at the anchor terms. The letter is offered only to eligible professional or accredited allocators for their own capital, subject to its own eligibility and excluded-jurisdiction terms, and nothing here is an offer to sell or a solicitation to buy any token or security.
A fragment is a points balance, not a token. Fragments convert pro-rata into the 5,000,000 KERNE community tranche of the fixed 50,000,000 KERNE allocation (5% of supply), not into the whole of it: since August 6, 2026 the other 45,000,000 KERNE is a separate scale tranche that fragments do not divide at all. Conversion happens only at a token generation event, and no token generation event is scheduled or guaranteed. The allocation is a published policy commitment rather than an escrowed on chain pool, and no contract exists today that converts fragments into KERNE. If no distribution ever happens, fragments convert to nothing. What a fragment is worth, and what it depends on.