Kamino launches lending market for tokenized stock collateral
DeFi & Yields ·
Kamino Finance has rolled out Backpack Market, a new lending venue on Solana that lets users borrow against tokenized U.S. equities issued through Backpack.
The product allows borrowers to post tokenized shares as collateral in exchange for USDC loans, according to defiprime.com. Risk parameters for the market are being managed by Allez Labs, which is responsible for setting the terms that govern how the collateral is valued and liquidated.
The launch extends Kamino's lending infrastructure beyond typical crypto assets into equity-backed borrowing, positioning tokenized stocks as usable collateral within Solana-based DeFi rather than assets that sit idle after being wrapped onchain. For holders of Backpack's tokenized shares, the market offers a way to access liquidity without selling the underlying position, mirroring the collateralized-lending model already common for crypto-native tokens.
The move fits into a broader pattern of tokenized real-world assets gaining utility on Solana. Separate developments in the ecosystem show a similar direction: Raydium has introduced permissioned automated market makers that let issuers launch KYC-gated, regulated assets while keeping control over who can participate, and Amundi-backed Spiko has launched on Solana to enable native minting, transfers, and redemptions of tokenized funds settled through Circle stablecoins. Together these efforts point to growing infrastructure aimed at bringing regulated, real-world financial instruments onto Solana's rails.
Coverage of the Backpack Market launch currently traces to two sources, with details so far limited to the mechanics of the collateral-and-loan structure and the involvement of Allez Labs in risk management. Not yet disclosed are specifics such as loan-to-value ratios, which tokenized equities are eligible as collateral, borrowing limits, or liquidation procedures. It also remains unclear how large the initial market is expected to be or how quickly borrowing activity will develop. Whether this model expands to additional tokenized asset types on Solana, and how regulators might view equity-collateralized crypto lending, are among the open questions as the product moves from launch into active use.