Kamino and Backpack Securities Launch Tokenized Equity Credit Market on Solana

Backpack Securities has launched tokenized equities as collateral on the Kamino credit protocol, allowing eligible holders to borrow USDC against U.S.-listed shares on the Solana blockchain. This integration bridges traditional equity markets with decentralized finance, providing liquidity to stock owners without requiring them to forfeit their price exposure or sell their underlying holdings.

What was announced

The launch introduces the "Backpack Market" on Kamino, a dedicated venue where tokenized securities can be used as collateral for USDC loans. These tokens are backed 1:1 by real-world U.S.-listed stocks and ETFs, which are minted and redeemed through Backpack Securities. The initial rollout includes tokenized versions of Micron (MU), SK Hynix (SKHY), SpaceX (SPCX), and SanDisk (SNDK). As of October 2026, Kamino reported approximately $50 million in tokenized equities already supplied as collateral within the protocol.

The Backpack Market operates as an isolated credit pool, meaning its risk parameters and reserves are separate from other Kamino markets to prevent the spread of bad debt. Risk management is overseen by Allez Labs, which sets specific loan-to-value (LTV) ratios, liquidation thresholds, and borrow caps for each individual equity token based on available liquidity and oracle data. Because the market remains open 24/7, users can manage their positions at any time, though they remain subject to liquidation risk even when the traditional stock exchanges for the underlying shares are closed.

Each token issued by Backpack Securities represents a security entitlement under New York UCC Article 8. The underlying assets are cleared and custodied by RQD Clearing, LLC and Atomic Vault Securities, LLC, both of which are SEC-registered entities and members of FINRA and SIPC. Backpack Securities maintains that customer assets are held separately from the company’s own creditor claims to ensure 1:1 backing and redeemability for eligible account holders.

"Owning a stock shouldn’t mean you have to sell it to use it,"

Michael Weisz, CEO of Kamino

The companies involved

Kamino is a prominent credit protocol operating on the Solana blockchain, having originated more than $20 billion in loans across various market cycles. The platform has established a track record of maintaining zero bad debt while expanding its collateral options to include institutional assets. In addition to the new Backpack Securities tokens, Kamino currently supports tokenized equities from Nasdaq-listed Forward Industries and Galaxy. The protocol has recently focused on institutional growth, establishing a presence in major financial hubs to bridge the gap between onchain liquidity and traditional private markets.

Backpack is a comprehensive digital asset ecosystem that includes a cryptocurrency exchange and a non-custodial wallet. Backpack Securities is the arm of the business focused on the tokenization of traditional financial instruments. The company has aggressively expanded its global footprint, moving beyond its initial crypto-native roots to integrate with traditional brokerage frameworks. Its infrastructure is designed to make shares portable across the Solana network while preserving the legal protections of real ownership. The company’s broader ecosystem has previously made headlines for its strategic acquisitions and partnerships aimed at opening global equity markets to a wider range of investors through blockchain technology.

What FF News has reported before

FF News has closely followed the expansion of both Kamino and Backpack as they move toward institutional adoption. In October 2026, we reported that Kamino Expands to U.S. with New NYC Headquarters and Strategic Institutional Hires, marking a significant step in its effort to attract professional capital. During the same month, we covered how Backpack and SK Securities Partner to Unlock Korean Equities for Global Investors, highlighting the firm's focus on cross-border equity access. Earlier in 2026, Backpack launched the world’s first 24/7 trading venue for real U.S. equities, a precursor to the current lending integration. This followed the company's 2025 move where Backpack Announces Acquisition of FTX EU to expand its trading services across Europe.

What this means

This announcement moves the needle for the Real World Asset (RWA) sector by transforming static equity holdings into productive DeFi collateral. By allowing investors to borrow against U.S. stocks 24/7, Kamino and Backpack Securities are putting direct pressure on traditional prime brokerages and margin lending desks that operate on restricted banking hours. However, the move raises critical questions regarding market volatility. The mismatch between the 24/7 crypto lending environment and the 9-5 traditional equity market creates a unique liquidation risk; if a stock's value drops significantly while the Nasdaq or NYSE is closed, onchain borrowers may find themselves liquidated before they have the opportunity to adjust their positions in the underlying market.