Your USDC earns yield
while it sits in your account.
USDC held on Regini is connected to Kamino, an autonomous on-chain lending protocol built on Solana. Borrowers on Kamino pay to access USDC liquidity, and that yield flows back to you automatically.
An on-chain pool that lends USDC to borrowers.
A lending vault is an on-chain smart contract that aggregates USDC from many users and deploys it across multiple lending markets. A curator sets the on-chain parameters for how USDC is distributed across those markets.
You do not choose which markets your USDC enters. The vault protocol handles that automatically. The yield you earn is the blended rate across all the markets the vault is active in, after fees.
Yield accrued inside the vault is automatically reinvested. Your vault shares increase in value over time; no periodic payments are made.
Single token
Send USDC, receive USDC-denominated vault shares. No token conversions or active decisions required.
On-chain curator
A curator sets on-chain allocation targets across Kamino's lending markets and can update them over time.
Auto-compounding
Yield is continuously reinvested by the protocol. Your vault shares increase in value without any action from you.
How the vault generates and delivers yield.
Four things determine how your USDC moves through the vault and what you earn.
Sending USDC mints vault shares.
Every vault has a share price: the current value of one vault share in USDC. It starts at a base value and increases over time as the vault accrues yield. When you send USDC to the vault, shares are minted at the current share price. When you exit, shares are redeemed at the current (higher) share price.
Your share count stays the same from entry to exit. What changes is what each share is worth.
You send 1,000 USDC when the share price is $1.00 and receive 1,000 vault shares. Over time the vault accrues yield and the share price rises to $1.06. Your 1,000 shares now redeem for 1,060 USDC.
Yield is the weighted average across all active markets.
The vault's APY is the weighted average of the borrowing rates paid across each lending market where it has deployed USDC. Markets with a larger share of the vault's USDC contribute more to the overall rate.
Each market's rate changes with its utilisation level: the proportion of available USDC currently borrowed. Rates move continuously, so the vault's quoted APY is a trailing average and is not a guaranteed forward-looking rate.
Curators set on-chain allocation targets.
The curator sets target weightings across Kamino's lending markets. For example, 60% of the vault's USDC to one market and 40% to another. The vault protocol automatically adjusts toward these targets as USDC flows in and out.
Individual users do not choose which markets their USDC enters. The vault aggregates all USDC and deploys it as a single pool.
Curators can update allocation targets at any time. All changes are executed on-chain and are publicly visible. Users bear the risk of allocation decisions made after they enter the vault.
Most withdrawals are instant. Large ones may take longer.
The vault keeps a portion of its USDC (typically 5–10%) undeployed as a liquid buffer. Withdrawals within this buffer are processed immediately.
For withdrawals larger than the buffer, the vault must recall USDC from the lending markets. Under normal conditions this is seamless. If a market has very high utilisation (most available USDC has been borrowed), recall may wait until borrowers repay and liquidity is restored.
Kamino's on-chain rate model raises borrowing costs sharply as utilisation approaches 100%, creating economic pressure for borrowers to repay before USDC becomes fully depleted.
What can go wrong, and how to evaluate it.
Yield from lending vaults carries real risks. Read these before using a vault.
Curator allocation risk
Curators update allocation targets on-chain without requiring user approval. A curator may route USDC to markets that underperform, concentrate in a single market, or react slowly to deteriorating conditions. You bear the risk of every allocation change made after you enter the vault.
Before adding USDC, review the curator's on-chain history and their Insurance Pool commitment.
Protocol risk
If a borrower defaults and creates bad debt in a market, liquidity providers in that market (including the vault) absorb losses in proportion to their share. A vault with 40% of its USDC in an affected market absorbs 40% of the losses attributable to its portion.
Kamino's contracts have undergone 20 independent security audits and have no bad debt history. This is a meaningful signal, but it cannot guarantee future losses will not occur.
Liquidity risk
USDC deployed to lending markets is not always immediately available. If the markets in the vault's allocation are at high utilisation, the vault cannot immediately return your USDC when you withdraw. Your withdrawal waits until borrowers repay and liquidity is restored.
The vault's 5–10% undeployed buffer is always available for instant withdrawal and is unaffected by utilisation conditions in the lending markets.
Variable yield
The vault's APY changes continuously with on-chain borrowing demand. Yield can decrease (including to zero) if utilisation drops or market conditions change. Rates shown are trailing averages and are not a guaranteed future return.
Fee drag
Performance fees and protocol fees are deducted from vault earnings before yield reaches you. The APY displayed on Regini reflects the net rate after all fees. When comparing options, always use net APY: gross reserve rates do not reflect what you actually earn.
Insurance Pool: what to look for
Some curators lock USDC in an Insurance Pool with a withdrawal cooldown of 30 days or more. This means the curator cannot exit before an adverse event becomes visible on-chain. Look for vaults where the curator has a meaningful Insurance Pool commitment relative to the vault's total USDC: it signals that the curator has direct on-chain exposure to their own allocation decisions.
Regini is not a bank and does not hold your USDC as a deposit. Your USDC is held in Kamino's on-chain smart contracts, not by Regini. It is not covered by any deposit protection scheme. Never put in more than you can afford to lose. Read our General Risk Warning.
Kamino's security approach.
Kamino's security covers the full protocol stack: code audits, smart contract verification, on-chain transaction monitoring, market risk monitoring, and parameter stress testing.
Kamino treats security as a continuous process, not a one-time review. The approach layers multiple security measures so that if one layer fails, others remain in place. As of publication, Kamino's smart contracts have undergone 20 independent external security audits and have no bad debt history. Live usage over time surfaces additional attack vectors and informs ongoing improvements.
For the current state of Kamino's security posture, audits, and monitoring, visit the Kamino security portal directly.
Kamino security portalGet started with digital dollars today.
Be among the first to hold your funds in digital dollars and earn variable yield with Regini.
By subscribing you agree to our Privacy Policy and consent to receive updates from Regini.