Kamino: Fixed-rate USDC borrowing against ONyc goes live in the OnRe market - 25 Sep 2026

Kamino's Fixed Rates product is live in the OnRe market, offering fixed-rate USDC borrowing against ONyc. The launch starts with $1.5M in liquidity at a fixed 8% rate across rolling 30-day terms, alongside an ONyc/USDC Fixed Rate Multiply. The market builds on roughly $100M in existing ONyc strategies, giving the new lending primitive an established user base from day one.Fixed-rate terms give borrowers cost certainty that variable-rate lending cannot provide, which can attract treasury-style users who need predictable financing. Multiply and PT support extend the product beyond plain borrowing, letting users express leveraged or yield-focused positions at a known rate. As the product scales, borrowing activity generates fees for the protocol, a mechanism relevant to KMNO value accumulation. Liquidity is initially limited to $1.5M, so early capacity may fill quickly.Fixed Rates are now live in the Market.Launching with $1.5M in liquidity, users can borrow USDC against ONyc at a fixed 8% rate across rolling 30-day terms, with ONyc/USDC Fixed Rate Multiply.The future of onchain credit is fixed.