Kamino, the Solana credit protocol, said on 4 November 2026 that Backpack Securities tokenized equities are live as collateral in a dedicated Backpack Market, letting eligible holders borrow USDC against tokens backed one to one by US-listed shares, according to the announcement. Fintechbits checked Kamino’s 20 October announcement, which said its AUTO fixed-rate market grew from $10 million to $135 million in three weeks, a sign of how quickly new real-world asset markets on the protocol can fill. The protocol had about $50 million in tokenized equities supplied as collateral as of October 2026, a small base for a protocol of its size.

How the Kamino Backpack Market Works

The market is isolated, so losses elsewhere on Kamino do not pass into it, and each token has its own loan-to-value and liquidation settings set by Allez Labs. Borrowing runs around the clock, which means positions can be liquidated when the underlying stock market is closed and no price discovery is happening on the exchange that lists the shares. Backpack says the underlying shares are custodied by RQD Clearing and Atomic Vault Securities, both SEC-registered and FINRA members.

The protocol says it has originated more than $20 billion in loans with zero bad debt across market cycles. Backpack Securities says its tokenized stocks have recorded more than $7 billion in onchain trading volume and over 590,000 holders since June 2026. Fintechbits has looked at where asset tokenisation creates value, and borrowing against held shares is one of the clearer use cases.

The protocol’s own claims are large: more than $650 billion in cumulative transaction volume, 30 or more independent audits, four formal verifications and no hacks. Tokenized equities from Forward Industries and Galaxy are already listed as collateral, and Figure is among the listed companies using its infrastructure. On 2 November its foundation also committed at least $20 million over 24 months to expand tokenized lending.