Kamino, a lending protocol on Solana, has added tokenized equities from Backpack Securities, a platform for tokenized U.S. stocks, as collateral in its Backpack Market. Eligible holders can now borrow USDC against tokens backed 1:1 by U.S.-listed shares.

The initial assets include shares of Micron, SK Hynix, SpaceX, and SanDisk. Each token is backed 1:1 by an underlying share, and eligible Backpack account holders can redeem tokens for the corresponding stock under the platform’s terms. The underlying securities are held and cleared by SEC-registered firms RQD Clearing and Atomic Vault Securities.

The Backpack Market operates separately from other Kamino markets, with its own reserves and risk parameters. Each asset also has individual borrowing limits and liquidation settings. Users can deposit, borrow, repay, and withdraw at any time, including when traditional stock markets are closed.

Kamino has originated more than $20 billion in loans without bad debt across market cycles. Tokenized shares from Nasdaq-listed Forward Industries and Galaxy are also available as collateral. More assets from Backpack Securities are expected to be added as the platform expands its offering.

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