Kamino and Backpack Securities Expand Credit for Tokenized U.S. Equities

Borrowers retain stock-price exposure, but positions can be liquidated even when markets for the underlying shares are closed.

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Eligible holders of Backpack Securities’ tokenized stocks can now borrow USDC on Kamino without selling their shares.

NEW YORK--(BUSINESS WIRE)-- Kamino, the leading credit protocol on Solana, recently announced that Backpack Securities tokenized equities are live as collateral in the Backpack Market on Kamino. Eligible holders can now access USDC credit against tokens backed 1:1 by U.S.-listed shares, according to Backpack Securities.

Tokenized stocks brought U.S. equities onchain. Until now, holders who needed liquidity had to sell. Backpack Securities allows users to buy, sell, mint and redeem tokenized securities backed 1:1 by real U.S.-listed stocks and ETFs on Solana. Through Kamino, eligible holders can borrow against those tokens while keeping price exposure to the underlying stock, subject to liquidation if the value of their collateral falls. Kamino had around $50 million in tokenized equities supplied as collateral as of October 2026.

“Owning a stock shouldn’t mean you have to sell it to use it,” said Michael Weisz, CEO of Kamino. “Backpack Securities built its model around 1:1 backing and redemption, and Kamino gives those assets a credit market with transparent onchain risk parameters. As more of the U.S. equity market moves onchain, we expect borrowing against tokenized shares to become one of the primary ways holders use them.”

“Investors around the world want access to U.S. equities on their own terms, and ownership should carry the same utility onchain that it does in a brokerage account,” said Armani Ferrante, CEO of Backpack. “Backpack Securities is designed to preserve real ownership while making shares portable across Solana. Kamino’s infrastructure for tokenized equities made it the natural venue, and integrating there gives our holders access to credit against the tokenized shares they already hold.”

1:1-Backed, Redeemable Through Backpack

According to Backpack Securities, each token is issued 1:1 against an underlying share held, and eligible Backpack account holders can redeem 1:1 for that share, subject to Backpack Securities’ terms of use. Backpack Securities states that the underlying holdings are security entitlements under New York UCC Article 8, cleared and custodied by RQD Clearing, LLC and Atomic Vault Securities, LLC. Both are SEC-registered and members of FINRA and SIPC. Backpack also states that customer securities are kept separate from the company’s creditor claims.

How the Backpack Market Works

• Collateral: Backpack Securities tokenized equities, starting with Micron (MU), SK Hynix (SKHY), SpaceX (SPCX) and SanDisk (SNDK).
• Borrow asset: USDC.
• Isolated market: The Backpack Market has its own parameters and reserves, so bad debt or liquidity shortfalls in other Kamino markets do not pass through to it.
• Asset-level risk settings: Each tokenized equity has its own loan-to-value, liquidation and borrow-cap parameters, set by the market manager, Allez Labs, based on liquidity and oracle coverage.
• Open around the clock: Users can deposit, borrow, repay and withdraw at any time. Positions carry liquidation risk, including when markets for the underlying shares are closed.

Built on Kamino’s Credit Record

Kamino has originated more than $20 billion in loans with zero bad debt across every market cycle. Tokenized equities from Nasdaq-listed Forward Industries and Galaxy are also listed as collateral on Kamino. As Backpack Securities expands its supported assets, additional tokenized equities are expected to come to Kamino.

About Kamino

Kamino is the largest credit protocol on Solana and the largest credit platform for real-world assets onchain, with more than $650 billion in cumulative transaction volume and more than $20 billion in loans originated with zero bad debt across every market cycle. The protocol has never experienced a hack or security incident and has undergone 30+ independent audits and four formal verifications. Kamino’s infrastructure is fully open source and is used by institutional participants including licensed exchanges, federally chartered digital asset banks, and publicly listed companies including Forward Industries (Nasdaq: FWDI), Galaxy (Nasdaq: GLXY) and Figure (Nasdaq: FIGR).

To learn more about the company, technology solutions and career opportunities, visit www.kamino.com, @Kamino on X or connect on LinkedIn.

About Backpack Securities

Backpack Securities is a securities business building infrastructure for the convergence of traditional and digital asset markets. Through a regulated brokerage platform and a complementary tokenization platform, Backpack Securities provides investors with access to real equity ownership and blockchain-native distribution of publicly traded securities within a single portfolio experience. Since launching in June 2026, tokenized stocks issued by Backpack Securities have recorded over $7 billion in cumulative onchain trading volume and attracted more than 590,000 holders.

To learn more about Backpack, visit backpack.exchange, X, or LinkedIn.

Disclaimer: Kamino is a protocol and institutional infrastructure layer. Where a Kamino market has a third-party market manager, that manager sets the market’s parameters; Kamino does not manage, endorse, or guarantee any market manager’s parameters or risk decisions, including Allez Labs’s. Backpack Securities tokens are issued by Backpack’s securities arm, not Kamino. Kamino does not issue, sell, custody, or redeem them; eligibility, redemption, custody, and corporate actions are governed by Backpack Securities’ terms of use. Protections described by Backpack Securities relate to the underlying holdings and do not cover tokens deposited on Kamino, smart-contract risk, or losses from liquidation. Kamino markets, including isolated markets, are subject to smart-contract and oracle risk. Using tokenized equities as collateral carries liquidation risk, including when markets for the underlying shares are closed. Please refer to Backpack Securities for full terms of use and eligibility: https://support.backpack.exchange/legal/general-legal/user-agreement.

Targeted yield is not guaranteed and depends on loan performance; deposited capital may be partially or fully lost. Not a bank deposit, not insured. Subject to Kamino’s Terms of Service and geo-blocking — not available in restricted jurisdictions. Informational only, not investment, legal, or tax advice. This release contains forward-looking statements that involve risks and uncertainties, and actual results may differ materially.

View source version on businesswire.com: https://www.businesswire.com/news/home/20261104930970/en/

Media Contact
CapV Strategies
kamino@capvstrategies.com

Source: Kamino

Key Terms

security entitlements financial

A security entitlement is a legal claim that a person (the entitlement holder) has against a securities intermediary (like a broker or custodian) that represents the holder’s right to the economic benefits of financial instruments held through that intermediary. It arises under custody and securities law (for example UCC Article 8 in the U.S.) when the intermediary holds securities in its own name or in a pooled account; the entitlement gives the holder rights to distributions, proceeds from sale, and other economic interests, but not direct legal title to the underlying certificated security or a direct claim against the issuer. Because the entitlement is a relationship-based property right against the intermediary, it can be affected by the intermediary’s insolvency, commingling of assets, or the intermediary’s contractual terms and applicable custody laws.

loan-to-value financial

Loan-to-value is the percentage that shows how large a loan is compared with the appraised value of the asset backing it, for example a house or other property. Investors care because a higher percentage means more of the asset’s value is borrowed — like buying a car with almost no down payment — which increases the chance of loss for lenders and can lead to higher interest rates, stricter terms, or greater risk for holders of related securities.