> For the complete documentation index, see [llms.txt](https://docs.curation.galaxy.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.curation.galaxy.com/products/kamino-usdt.md).

# Kamino USDT

A moderate-risk vault strategy designed to preserve capital through selective market exposure and disciplined allocation across Kamino's most liquid and battle-tested lending venues.

## Strategy Summary

The Galaxy USDT Vault allocates USDT liquidity across Kamino's Main and JLP markets on Solana, two of the protocol's most established and liquid lending venues. Galaxy selects and monitors market allocations on the basis of borrower demand quality, utilization dynamics, and collateral robustness, dynamically shifting exposure between markets to optimize risk-adjusted yield. The vault is structured for depositors whose primary objective is capital preservation.

## Vault Details

| Parameter               | Details                   |
| ----------------------- | ------------------------- |
| **Underlying Protocol** | Kamino                    |
| **Chain**               | Solana                    |
| **Risk Tier**           | Moderate                  |
| **Target APY**          | 4-6%                      |
| **Curator Fee**         | 0.5%                      |
| **Receipt Token**       | Issued natively by Kamino |
| **Lock-up**             | None                      |

## Collateral and Markets

The vault allocates exclusively to Kamino's Main and JLP markets. The Main market looks to include Solana’s core assets: SOL, wETH, tBTC, USDC, USDT, and liquid staking tokens including JitoSOL, mSOL, and bSOL. The JLP market is optimised for Jupiter Liquidity Provider tokens as collateral. Kamino independently evaluates asset selection based on their own criteria. 

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## Risk Tier: Moderate

The Moderate tier encompasses vault configurations that include non-blue-chip or structurally differentiated collateral types. These assets offer higher yield potential relative to blue-chip equivalents but carry correspondingly greater tail risk — including, in some cases, higher sensitivity to market dislocations, reduced secondary market liquidity, or structural complexity that may affect liquidation outcomes.

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## Risk Factors

<details>

<summary>Smart Contract Risk</summary>

The vault interacts with Kamino smart contracts, which, despite audit coverage, carry inherent risk of undiscovered vulnerabilities. A contract exploit could result in partial or total loss of deposited funds.

</details>

<details>

<summary>Oracle Risk</summary>

Kamino markets rely on on-chain price oracles to determine collateral values and trigger liquidations. Oracle manipulation or failure could result in improper liquidation execution or, in adverse scenarios, bad debt accrual within a market.

</details>

<details>

<summary>Liquidity Risk</summary>

During periods of elevated market utilization, the capacity to withdraw from Kamino markets may be temporarily reduced. Depositors should not assume immediate liquidity at all times. Available withdrawal capacity depends on the utilization conditions of the markets to which the vault is allocated.

</details>

<details>

<summary>Shared Liquidity Market Risk</summary>

Kamino's allocation model allows vaults to deposit across markets with shared liquidity. Galaxy has no control over asset inclusion into the Main and JLP markets. Users should review the collateral assets in each of these markets before depositing into the Galaxy USDT vault.

</details>

For a full description of applicable risk categories, see the [Risk Factors](#risk-factors) page.