The first stablecoin built on perpetual exchange infrastructure
Deposit stablecoins. Mint KUSD. Your collateral enters the highest-yielding perp liquidity vaults in DeFi — HLP, NLP, and more — where market-making revenue repays your debt.
The Problem
Yield stablecoins keep breaking the same way
Every existing model is tethered to conditions the protocol can't control. When those conditions change, yield collapses.
T-Bill Backed
Yield tracks interest rates. When rates fall, yield compresses. Entirely dependent on central bank policy no protocol can control.
Funding Rate Dependent
Works when funding is positive. Inverts in bear markets. The largest player in this category lost over 50% of its TVL when the trade stopped working.
External DeFi Yield
Deposits into someone else's lending protocol, passing through whatever yield they offer. No control, no moat, no compounding advantage. Renters, not owners.
The gap no one has filled
Perpetual DEX liquidity vaults — HLP, JLP, LLP, GLV, ALP, NLP — hold over $4 billion in TVL and generate 10-34% APY from real trading activity. They're the most consistent yield source in DeFi. Nobody has connected them to a stablecoin. KUSD is the aggregation layer.
How KUSD Works
Deposit stablecoins. Mint KUSD. Debt repays itself.
A self-repaying stablecoin powered by real exchange revenue. Not rates, not funding, not emissions.
Deposit Stablecoins
Deposit USDT0 or USDC. Your collateral stays denominated in stables throughout the entire lifecycle. KUSD is an OFT — mint and use it on any supported chain.
Mint KUSD at 50% LTV
Conservative collateralization with no traditional liquidation risk. Borrow against half your deposit.
Collateral enters perp liquidity vaults
KUSD routes collateral into the best perp DEX liquidity vaults across DeFi — HLP (Hyperliquid), NLP (Nado), and expanding to JLP (Jupiter), LLP (Lighter), GLV (GMX), ALP (Aster), and more. Each vault deploys capital as a market maker and liquidator across perpetual futures markets. Governance decides allocation weights.
Vaults earn yield from perp traders
Market-making spreads, liquidation capture, trading fees — across every connected exchange. Revenue flows regardless of market direction. Diversified across multiple vaults so KUSD never depends on a single exchange.
Yield repays your debt automatically
No manual harvesting. No position management. Deposit, mint, walk away. Your KUSD debt shrinks over time as yield accrues.
Direction-Independent Yield
Perp vaults earn from market-making and liquidations, not a funding rate bet. Revenue in bull markets, bear markets, sideways markets. As long as people trade perps, the vaults earn.
Volatility Is Upside
More volatility → more trading volume → wider spreads → more liquidations → higher vault yields. KUSD gets more attractive exactly when other yield sources break down. Counter-cyclical.
Collateral Stays in Stables
USDT0 in, USDT0 denomination throughout. The vault doesn’t convert collateral into volatile tokens. Your backing remains stable.
Non-Liquidatable Vault
The primary perp LP pools KUSD deposits into cannot be force-liquidated even in unhealthy states. Compounding endures through volatility without forced closures.
Proven Model
KUSD deposits into the same vault architectures used by the largest perp DEXs in crypto — JLP ($2.4B TVL), LLP ($930M TVL), HLP ($420M TVL), GLV, ALP, NLP, and more. Battle-tested market-making infrastructure, now connected to a self-repaying stablecoin for the first time.
The Vault Network
Symbiotic by design
KUSD routes collateral into the highest-performing perp DEX liquidity vaults across DeFi. Each vault makes its exchange work better — deeper order books, tighter spreads, more liquidation capacity. KUSD grows the exchanges it depends on. Symbiotic by design.
HLP
Hyperliquid
NLP
Nado (Ink)
JLP
Jupiter
LLP
Lighter
GLV
GMX V2
ALP
Aster
* NLP yields elevated due to early-stage liquidity dynamics. Expected to normalize at scale.
sKUSD
KUSD for spending. sKUSD for earning.
Stake KUSD into sKUSD, a yield-bearing wrapper that captures fee revenue from every product in the KittyPunch ecosystem. Hold sKUSD and earn on top of the self-repaying mechanic.
The Compounding Advantage
Yield that improves over time
Perp vaults repay your debt. The KittyPunch protocol suite — Blot, Kona, KittyPunch Core, and more — powers sKUSD with fee revenue from every product. Yield on top of yield, compounding permanently.
Perp vaults repay your debt
KUSD collateral sits in perp liquidity vaults (HLP, NLP, and expanding) earning market-making and liquidation revenue. This is the base layer — steady, direction-independent yield that automatically pays down what you owe. Your loan shrinks whether markets go up, down, or sideways.
The KittyPunch suite powers sKUSD
KittyPunch operates an ecosystem of DeFi products that generate real fees:
- Blot — Leveraged tokens on perp DEXs. Management fees, mint/redeem fees, rebalance spread capture.
- Kona — Trading and lending infrastructure on Abstract. Borrow interest, liquidation fees, reserve factor revenue.
- KittyPunch Core — DEX and DeFi hub on Flow EVM. Trading fees, LP incentive revenue.
- More products shipping continuously.
KUSD's protocol surplus builds permanent, growing positions in each fee layer. That compounding revenue flows to sKUSD holders — yield on top of your self-repaying loan, from every product KittyPunch builds.
The position only grows
The governance stakes never get sold. They compound. Every week, fee revenue from Blot, Kona, KittyPunch Core, and future products flows to sKUSD. Every month, the protocol's position across multiple fee layers grows larger. An upward-sloping yield curve that no externally-dependent stablecoin can replicate — because no other stablecoin owns the infrastructure that generates its yield.
“Other yield stablecoins rent yield. KUSD owns the infrastructure that generates it.”
The KittyPunch Suite
The products that power sKUSD
Every protocol KittyPunch builds generates real fee revenue. That revenue compounds into sKUSD — making your yield grow the more we ship.
KittyPunch Core
Flow EVM
DEX and DeFi hub. Trading fees, LP incentive revenue, and governance infrastructure.
Launch App →
Kona
Abstract
Trading and lending infrastructure. Borrow interest, liquidation fees, and reserve factor revenue.
Launch App →
Blot
Ink (Kraken L2)
Leveraged tokens on perp DEXs. Management fees, mint/redeem fees, and rebalance spread capture.
Launch App →Be first to know when KUSD launches
Join the community. Follow the build in real time.