ksUSDe is the staked derivative of Ethena’s USDe stablecoin, issued by Kelp DAO. It functions as a liquid staking token that represents a staked position in USDe, allowing holders to capture yield generated from Ethena’s staking program while retaining liquidity for trading or DeFi composition.
The token is actively utilized in yield-derivative markets, most notably on Pendle, where it serves as the underlying asset for principal and yield tokenization. Active Pendle markets show implied APYs between 0.25% and 0.5%, with combined TVL exceeding $6 million across near- and mid-term maturity dates.
While primarily associated with Ethereum, ksUSDe has also been deployed on Base, extending its composability and liquidity options within the Base ecosystem. LPs interacting with this asset should note that its value and yield are directly tied to the health of the underlying USDe peg and Ethena’s staking mechanics.