Galaxy Deploys Curated USDC and USDT Lending Vaults on Solana’s Kamino Platform

Galaxy announced the live deployment of separate USDC and USDT lending vaults on the Solana‑based protocol Kamino. The vaults are managed through Galaxy’s curation model, which applies institutional credit controls while keeping assets on‑chain.

Curated Vault Structure

Both vaults operate under Galaxy’s institutional risk framework, which sets collateral standards, exposure caps and market‑monitoring rules. The curation team selects eligible Kamino lending markets, determines allocation weights and can adjust limits as conditions evolve.

USDC vs. USDT Strategies

• USDC vault: Allows a broader set of collateral markets to pursue higher yields, with a moderate‑risk mandate.
• USDT vault: Takes a more selective approach, focusing on liquid, established Kamino venues to prioritize capital preservation.

Both products are described as moderate‑risk and are not principal‑protected; they remain exposed to market, smart‑contract and liquidity risks.

Distribution Channels

The USDC vault is also accessible via Yield.xyz, extending its reach beyond Kamino’s native interface. No comparable external distribution was noted for the USDT vault.

Galaxy’s Institutional Background

Galaxy reported a $1.44 billion average loan book and 1,741 trading counterparties for Q2 2026, with $7.1 billion in combined assets under management and stake. Its on‑chain financing program (GOFR) already lists Kamino among the monitored lending venues, though GOFR rates are separate from the new vault yields.

Kamino Platform Context

Kamino claims to have originated over $20 billion in loans without bad debt and processed more than $650 billion in transactions. Independent data shows roughly $1.33 billion locked in Kamino Lend and about $1 billion in active loans.

Risk and Withdrawal Mechanics

Vault redemptions draw first from idle liquidity; if insufficient, withdrawals may queue. Neither vault advertises a fixed APY, management fee or performance fee, and liquidity conditions can affect withdrawal timing.