↓Kamino Lend Monthly Risk Insights: March 2026
CASH supply fell $15.2M amid continued contraction in the stablecoin category, reflecting outflows to more attractive yield opportunities.
24h Change-0.19%
All Time HighNov 15, 2025$1.06
All Time LowJun 18, 2026$0.62
Market Cap$120.08m
Fully Diluted Valuation$120.08m
Circ. Supply120.07m CASH
CEX Volume$4,508
DEX Volume$2.46m
How much debt can be issued against CASH as collateral across lending protocols.
Maximum possible exposure to CASH
$1,137
$35.32 (max additional borrows against CASH) + $1,102 (bad debt if CASH was hacked now)
Morpho V1
$1,137 at-risk exposure = $1,102 bad debt if hacked + $35.32 additional borrowable against CASH
Showing collateral exposure for CASH on Ethereum. Max Borrowable uses the backend's liquidity-bounded borrow-capacity metric (`collateralMaxBorrowUsdLiquidity`) for the maximum additional USD debt that can be issued against the asset right now. Bad Debt at $0 is the minimum known bad debt if the collateral asset price goes to zero; null rows are excluded from this total rather than treated as zero, so totals may remain lower bounds.
Each row is one protocol-chain exposure for CASH as collateral. Bad debt at $0 totals remain lower bounds when a row is marked partial.

Protocol | Chain | |||
|---|---|---|---|---|
CASH+0x498d9329555471bf6073a5f2d047f746d522a373 | $35.32 | $1,102 |
Risk-management actions published about CASH by tracked risk managers and governance contributors, newest first.
CASH supply fell $15.2M amid continued contraction in the stablecoin category, reflecting outflows to more attractive yield opportunities.
CASH supply dropped -$18M with ongoing normalization, and debt declined -$19M as borrowing contracted in the CASH ecosystem. The CASH Earn vault fell 45% post-incentives, aligning with stablecoin deleveraging.
CASH supply decreased $13M as part of ongoing normalization following incentive-driven growth earlier in the year.
CASH supply declined $39M and debt $23M following rebalancing after rapid incentive-driven growth in November, with APY converging to competitors like PYUSD.
CASH supply increased $32M to $140M and debt $23M, achieving over 80% utilization and validating rapid adoption as a new stablecoin entrant. Growth in institutional credit markets like Maple contributed, with the CASH Earn vault expanding 34% to $130M TVL without any liquidation exposure.
New stablecoin $CASH launched with $106M in supply and $93.5M in debt in its first month, fueled by a $540K monthly rewards initiative that drove $20M+ deposits in hours and a dedicated vault reaching $98.5M TVL at 4.5% APY.
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Showing 10 of 12 pools

Pool | Project | Chain | 30d APY Chart | ||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabCASHFigure Market | $11.6m | 3.11% | 3.11% | 3.01% | |||||
| open in new tabCASH-USDC | $9.55m | 0.31% | 0.31% | 1.65% | |||||
| open in new tabCASH-USDC | $2.79m | 0.12% | 0.12% | 0.91% | |||||
| open in new tabUSDC-CASH0.00% fee | CL range 0.09% | $272,163 | 1.64% | 1.64% | 0.37% | |||||
| open in new tabCASH-USDC.E0.00% fee | CL range 0.09% | $159,352 | 2.78% | 2.78% | 0.50% | |||||
| open in new tabWETH-CASH3.00% | $53,451 | 0% | 0% | 3624% | |||||
| open in new tabCASHSuperstate Opening Bell Market | $42,330 | 0% | 0% | 0% | |||||
| open in new tabCASH | 🪂 | $11,020 | 1.33% | 1.33% | 3.34% | ||||
| open in new tabCASHMain Market | $8,183 | 24.01% | 24.01% | 5.07% | |||||
| open in new tabCASHMaple Market | $7,514 | 7.66% | 7.66% | 7.51% |
Showing 10 of 60 routes

Pool | Project | Chain | |||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabCASH âžž JITOSOL | $61.22m | 22.92% | 24.01% | -1.37% | 80% | $402,708 | $394,526 | ||
| open in new tabCASH âžž CBBTC | $39.96m | 23.77% | 24.01% | -0.30% | 80% | $402,708 | $394,526 | ||
| open in new tabCASH âžž JUPSOL | $38.68m | 22.94% | 24.01% | -1.34% | 80% | $402,708 | $394,526 | ||
| open in new tabCASH âžž JITOSOL | $16.14m | 24.00% | 24.01% | -0.01% | 80% | $402,708 | $394,526 | ||
| open in new tabCASH âžž XBTC | $13.18m | 23.90% | 24.01% | -0.14% | 80% | $402,708 | $394,526 | ||
| open in new tabCASH âžž PSOL | $5.38m | 22.98% | 24.01% | -1.30% | 80% | $402,708 | $394,526 | ||
| open in new tabCASH âžž MSOL | $2.55m | 24.00% | 24.01% | -0.01% | 80% | $402,708 | $394,526 | ||
| open in new tabCASH âžž WBTC | $695,962 | 24.00% | 24.01% | -0.01% | 80% | $402,708 | $394,526 | ||
| open in new tabCASH âžž JTO | $378,743 | 24.00% | 24.01% | -0.01% | 80% | $402,708 | $394,526 | ||
| open in new tabCASH âžž BONKSOL | $29,096 | 22.99% | 24.01% | -1.28% | 80% | $402,708 | $394,526 |