Kamino Launches USDC Lending Market Backed by Four Tokenized Stocks on Solana

Key Facts

Kamino launched a market on October 28 that allows eligible tokenized stock tokens to be deposited as collateral to borrow the USDC digital currency, expanding the use of these assets into credit on the Solana network. The market includes four tokens at launch: MU, SKHY, SPCX and SNDK, according to Kamino’s announcement. The maximum loan-to-value ratio is 40% for MU and SKHY, and 30% for SPCX and SNDK, according to data on the market’s public interface. These ratios determine the amount available to borrow relative to the value of the deposited token. Reaching liquidation thresholds can result in the collateral being liquidated; the threshold is 60% for the first two tokens and 50% for the others.

The market is a standalone lending pool with its own reserves and parameters, including a loan-to-value limit, a liquidation threshold and a borrowing cap for each asset. The market manager sets these parameters based on factors including liquidity and oracle coverage, according to Solana Compass. The source said separation from Kamino’s other markets is intended to prevent bad debt or liquidity shortfalls in those markets from spilling over into this one. This structure gives the market dedicated limits for the assets it accepts, while borrowing terms remain tied to each collateral’s parameters. This means the market’s rules cannot be inferred from the terms of Kamino’s other pools.

Collateral prices update with U.S. stock trading sessions, but the oracle retains the last published price when markets are closed, including weekends and U.S. holidays, until trading resumes. Deposits, borrowing, repayments and withdrawals remain available during those periods, according to Solana Compass. As a result, collateral value outside market hours may be based on the last available price rather than a new one. When trading resumes, the token’s published price can change, affecting the measurement of collateral value relative to the loan. The announced borrowing and liquidation limits are tied to asset values and market rules.

The new lending market is separate from an announcement on October 24 about the AAPL token on Solana. Backpack said the token can be traded around the clock and redeemed 1:1 for a traditional Apple share through Backpack Securities. But AAPL is not among the four tokens named as collateral in Kamino’s market launch announcement, which does not say it is eligible for borrowing in the market. Backpack Securities says its stock-representing tokens are issued at one token per share, and that redemption is carried out by depositing the token into an eligible account at Backpack Exchange. Backpack also says users can convert a share from their account into a tokenized security on Solana, then transfer the token between wallets, platforms and decentralized finance applications.

Kamino framed the market launch as part of an existing activity involving the deposit of tokenized stocks as collateral; it said about $50 million of these stocks had been deposited on the platform as of October 2026. It also reported that Backpack Securities tokens had exceeded $6 billion in cumulative on-chain trading volume and attracted more than 560,000 holders since their launch in June. Across the Solana network, tokenized stock supply reached about $684 million in September, up 47% in three weeks, while trading totaled about $4.4 billion during the month, according to the Solana Foundation. The foundation added that tokenized stocks on the network surpassed 1 million holding wallets in September. These figures come amid expanding trading in token-represented stocks on the network and the addition of credit backed by them.

Kamino said in March 2026 that tokenized Galaxy stocks had become available as collateral in the Superstate market, with eligible investors able to borrow USDC and CASH. On September 23, the Solana Foundation described an order from the U.S. Securities and Exchange Commission as allowing tokenized stocks to trade in the United States on permissionless public networks for five years, without registering the platform as a stock exchange. Backpack’s market is part of this broader trend toward using tokenized securities in on-chain finance applications. Kamino said more tokenized stocks are expected to reach the market as the assets supported by Backpack Securities expand. The announcement did not specify when other assets would be added.