Kamino Launches Backpack Market for USDC Loans Against Tokenized SpaceX, Micron, SK Hynix and SanDisk Stock

Kamino Finance KMNO$0.039-2.2% opened the Backpack Market on 28 October 2026, an isolated lending market where eligible users can deposit tokenized shares of Micron (MU), SK Hynix (SKHY), SpaceX (SPCX) and SanDisk (SNDK) and borrow USDC against them. The four tokens are issued by Backpack Securities, which says each one is backed 1:1 by a US-listed share. Kamino announced the launch on X, and Backpack's onchain account confirmed it was live minutes later, curated by Allez Labs, which sets the market's risk parameters.

The launch gives Backpack's tokenized stocks a use beyond trading. As we covered in August, Backpack Securities tokens have led onchain trading in tokenized SpaceX. Holders of these four tickers can now raise dollars against their position without selling it, with the usual catch of lending: if the collateral falls far enough, it gets liquidated.

How the Kamino Backpack Market works: an isolated pool with Allez Labs risk parameters

The Backpack Market is a separate pool with its own parameters and reserves, "so bad debt or liquidity shortfalls in other Kamino markets do not pass through to it," according to Kamino's launch blog. Each tokenized stock gets its own loan-to-value ratio (how much USDC can be borrowed per dollar of collateral), liquidation level and borrow cap. The blog says the market's manager sets those numbers "based on the liquidity and oracle coverage."

Kamino's thread names Allez Labs as that manager. The launch posts do not list the figures themselves; they sit on the Backpack Market page inside Kamino's app.

The structure follows a pattern Kamino has used since September. It opened a tGBP market curated by Steakhouse Financial in September and an apyUSD market curated by Hyperithm on 2 October. In each case a specialist risk manager sets terms for one asset in its own pool, and losses in that pool stay there.

Anyone who has taken a pledged-asset loan from a stockbroker will recognise the shape: borrow cash against a portfolio, keep the upside, and face a forced sale if prices drop too far. The Backpack Market does this onchain, around the clock.

Tokenized stock oracle pricing when US markets are closed

The prices of the four stocks update only while US exchanges trade. "When markets are closed, including weekends and U.S. market holidays, the oracle holds the last published price until trading resumes," Kamino wrote in its announcement thread. The lending market keeps running: users can deposit, borrow, repay and withdraw at any time, according to Kamino's blog. Kamino has not said which oracle provider supplies the prices.

A held price means thin weekend trading in the tokens cannot move a loan's health, but it also means the price can jump all at once. If news about Micron or SpaceX lands on a Saturday, the oracle still shows Friday's close. When trading resumes and the price updates, a loan that looked safe can cross its liquidation level in a single step. Kamino's risk disclaimer says borrowing against tokenized equities "carries liquidation risk, including when U.S. markets are closed," and that the product is not a bank deposit, is not insured and is not available in restricted jurisdictions. The launch materials do not spell out who counts as an eligible user.

What backs Backpack Securities tokens: 1:1 shares held through RQD Clearing and Atomic Vault

According to Backpack Securities, as set out in Kamino's blog, each token is issued 1:1 against an underlying share, and eligible Backpack account holders can redeem a token for that share, subject to Backpack Securities' terms of use. Redemption runs through a deposit to an eligible Backpack account.

Backpack Securities states the holdings are security entitlements under New York UCC Article 8, the US commercial law that covers shares held through a broker. RQD Clearing, LLC and Atomic Vault Securities, LLC clear and custody them; both are described as SEC-registered and members of FINRA and SIPC. Backpack also says customer securities are kept separate from claims by the company's creditors.

Dividends are reinvested into additional tokenized shares credited to the holder's wallet, and stock splits are applied through a multiplier on the token mint. Kamino's thread stresses that the tokens "are not issued by Kamino." Backpack Securities is responsible for the backing; Kamino supplies the credit market on top.

SPCX, MU, SKHY and SNDK: about $21.8 million of collateral supply on Solana

The four tokens are a small pool of collateral. Solana Compass token data on 28 October puts their combined market value at about $21.8 million. SPCX accounts for about $10.1 million of that, MU about $7.0 million, SKHY about $2.8 million and SNDK about $1.8 million. That covers every token in existence for those four tickers, so it sets an outer limit on deposits whatever borrow caps Allez Labs chooses. Across all issuers, Kamino's blog says around $50 million in tokenized equities was supplied on Kamino as of October 2026.

Liquidity matters as much as size. A liquidation only works if the seized collateral can be sold, which is why the blog ties each asset's parameters to its liquidity. On Solana DEXs, our token pages show about $2.5 million of liquidity for MU and about $2.2 million for SPCX on 28 October, against about $1.5 million for SKHY and roughly $250,000 for SNDK.

Solana tokenized stock lending market share and the next tickers to list

Kamino calls itself "the largest lending venue for tokenized equities on Solana" in its launch thread, and our August look at the tokenized stock lending market found Kamino holding most of that market, with Jupiter JUP$0.278+0.1% Lend second. Backpack Securities joins other tokenized equity issuers already listed on Kamino.

Backpack Securities launched in June 2026 and says its tokenized stocks have recorded more than $6 billion in cumulative onchain trading volume and attracted more than 560,000 holders, according to the company description in Kamino's blog. In an X post after the launch, Backpack CEO Armani Ferrante called lending "the next crucial brick to usher in the next leg of tokenized security growth on @solana."

Backpack's onchain account says Backpack Securities connects traditional brokerage positions to Solana's onchain credit markets. In practice, a tokenized share bought through Backpack can now be posted as collateral in a Solana lending protocol without being sold. Backpack Securities already issues more tickers than these four, including the tokenized BlackRock stock we covered on 2 October. Kamino's blog says additional tokenized equities "are expected to come to Kamino" as Backpack Securities expands its supported assets.