Kamino Opens sUSDai Lending Market on Solana With 80% Loan-to-Value

Kamino opens a lending market for sUSDai on Solana

Kamino has opened a lending market on Solana for sUSDai, a token linked to GPU-backed loans issued by USD.AI. The market lets sUSDai holders borrow USDC, a stablecoin designed to hold a value close to $1, while keeping their yield-bearing position.

The market is curated by Allez Labs. It adds a borrowing and leverage venue to USD.AI's expansion on Solana. Earlier on Sept. 24, USD.AI said "USDai and sUSDai are live on @solana."

Loan terms and early market size

• Borrowers can take out up to 80% of their collateral's value, according to Kamino's launch documentation. Liquidations start at 85%.
• Kamino's Multiply product supports up to five times exposure through repeated borrowing and reinvestment.
• USDC holders can supply the other side of those loans.
• Kamino's API showed about $360,000 of sUSDai supplied and $1.20 million of USDC supplied when checked on Sept. 24. About $284,000 of USDC had been borrowed, putting use of the USDC pool at 23.7%.
• Supply caps are 5 million sUSDai and 5 million USDC. The USDC borrow cap is also 5 million tokens, and sUSDai cannot be borrowed.
• Base USDC rates were about 1.01% APY for borrowing and 0.21% for supplying before incentives. Kamino said $75,000 in rewards will be distributed over the next two months to USDC suppliers and borrowers.

What USD.AI's documentation says about sUSDai

USDai is the non-yielding base token and is backed 1:1 by PYUSD at the protocol level, according to USD.AI's documentation. Staking USDai produces sUSDai, whose exchange rate reflects GPU-backed loans, reserve or escrow assets, fees and any losses.

USD.AI's lending framework combines onchain loan records with offchain security rights over GPU servers. Recovering hardware after a default requires legal enforcement rather than smart contracts alone.

Credit risk stays with the vault

Kamino isolates sUSDai exposure in a market with its own risk parameters. That does not remove the underlying credit risk. USD.AI says a shortfall left after resolving a troubled loan is recorded as an impairment in the vault's net asset value. An sUSDai holder owns a proportional vault position, not specific GPUs or a direct contractual claim against an individual borrower.

Earlier funding for GPU-backed loans

In August, The Defiant reported that Bullish was providing USD.AI with a $100 million stablecoin debt facility to finance GPU-backed lending.

Sources

• The Defiant

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