↓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-0.16%
All Time HighNov 15, 2025$1.06
All Time LowMar 22, 2026$0.72
Market Cap$120.9m
Fully Diluted Valuation$120.92m
Circ. Supply120.97m CASH
CEX Volume$22,056
DEX Volume$25.5m
How much debt can be issued against CASH as collateral across lending protocols.
Maximum possible exposure to CASH
$441.89
$47.66 (max additional borrows against CASH) + $394.23 (bad debt if CASH was hacked now)
Morpho V1
$441.89 at-risk exposure = $394.23 bad debt if hacked + $47.66 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 | $47.66 | $394.23 |
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 tabCASH-USDC | $12.13m | 1.64% | 1.64% | 1.19% | |||||
| open in new tabPRIME-CASHConcentrated - 0.01% | $10.12m | 3.41% | 3.41% | 1.63% | |||||
| open in new tabCASHFigure Market | $9.89m | 3.87% | 3.87% | 4.03% | |||||
| open in new tabCASH-USDC | $5.37m | 0.61% | 0.61% | 0.64% | |||||
| open in new tabUSDC-CASH0.00% fee | CL range 0.09% | $241,696 | 0.03% | 0.03% | 0.11% | |||||
| open in new tabCASH-USDC.E0.00% fee | CL range 0.09% | $159,364 | 0.04% | 0.04% | 0.11% | |||||
| open in new tabWETH-CASH3.00% | $66,104 | 0.01% | 0.01% | 30.70% | |||||
| open in new tabCASHMain Market | $18,058 | 12.08% | 12.08% | 5.93% | |||||
| open in new tabCASH | 🪂 | $9,272 | 4.99% | 4.99% | 4.20% | ||||
| open in new tabCASHMaple Market | $9,269 | 7.57% | 7.57% | 6.78% |
Showing 10 of 59 routes

Pool | Project | Chain | |||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabCASH âžž JUPSOL | $90.76m | 11.04% | 12.08% | -1.31% | 80% | $482,121 | $464,064 | ||
| open in new tabCASH âžž CBBTC | $69.98m | 11.92% | 12.08% | -0.19% | 80% | $482,121 | $464,064 | ||
| open in new tabCASH âžž USX | $20.56m | 11.06% | 12.08% | -1.28% | 80% | $482,121 | $464,064 | ||
| open in new tabCASH âžž JITOSOL | $16.53m | 12.07% | 12.08% | -0.01% | 80% | $482,121 | $464,064 | ||
| open in new tabCASH âžž XBTC | $14.78m | 11.89% | 12.08% | -0.24% | 80% | $482,121 | $464,064 | ||
| open in new tabCASH âžž MSOL | $2.71m | 12.07% | 12.08% | -0.01% | 80% | $482,121 | $464,064 | ||
| open in new tabCASH âžž WBTC | $1.29m | 12.07% | 12.08% | -0.01% | 80% | $482,121 | $464,064 | ||
| open in new tabCASH âžž JTO | $382,150 | 12.07% | 12.08% | -0.01% | 80% | $482,121 | $464,064 | ||
| open in new tabCASH âžž BONKSOL | $60,486 | 11.05% | 12.08% | -1.28% | 80% | $482,121 | $464,064 | ||
| open in new tabCASH âžž SOL | $24,816 | 11.27% | 12.08% | -1.01% | 80% | $482,121 | $464,064 |