Kamino Opens USDC Loans Against Four Backpack Tokenized Equities

Kamino has opened an isolated Backpack Market that lets eligible users supply four Backpack Securities tokens as collateral and borrow USDC. The supported assets are tokenized Micron (MU), SK Hynix (SKHY), SpaceX (SPCX) and SanDisk (SNDK) positions on Solana. Kamino does not issue, custody or redeem the tokens.

Kamino says the market has its own parameters and reserves, limiting direct spillover from liquidity shortfalls or bad debt in its other markets. Each collateral asset has separate loan-to-value, liquidation and borrow-cap settings established by the market manager according to liquidity and oracle coverage. Users can deposit, borrow, repay and withdraw around the clock, but continuous access does not remove price or liquidation risk.

Backpack Securities states that each token is issued 1:1 against an underlying share and that eligible Backpack account holders can redeem it, subject to its terms. Kamino warns that those protections do not cover tokens deposited into the lending protocol, smart-contract losses or liquidation. The arrangement therefore adds credit utility to the four tokenized positions without making the borrowing risk equivalent to holding shares in a conventional brokerage account.

Sources

• Kamino — Backpack Securities tokenized-equities integration

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