Kamino launched the Backpack Market on Solana on Oct 28, 2026, an isolated lending market where four Backpack Securities tokenized stocks can be used as collateral for USDC loans without selling them (@kamino).

Kamino launched the Backpack Market on Solana on Oct 28, 2026, an isolated lending market where four Backpack Securities tokenized stocks can be used as collateral for USDC loans without selling them (@kamino).

The accepted collateral at launch is $SPCX, $MU, $SKHY and $SNDK, curated by AllezLabs (@BackpackOnchain). Holders can borrow up to 40% of collateral value, with reported limits of 30%-40%, while keeping exposure to the underlying stock (The Defiant).

Backpack tokens are described as 1:1 backed by real U.S.-listed shares, redeemable 1:1 through an eligible Backpack account, with dividends reinvested and corporate actions applied, per Kamino's article.

The market is isolated with its own reserves, so bad debt elsewhere on Kamino does not pass through. Kamino says equity quotes freeze at the last price outside U.S. trading hours while loan interest keeps accruing.

Kamino describes itself as the largest onchain lender against tokenized equities, with around $50 million supplied as of October 2026, a self-reported figure.