Kamino Lend Holds 82.6% of Solana's Tokenized Stock Lending Market at $53M

Kamino Finance KMNO$0.033+16.9% controls 82.6% of all tokenized stock lending collateral on Solana's DeFi layer, according to an August 11 analysis from CryptoBriefing. When tokenized stock lending TVL on Solana hit a $53 million all-time high in late July, Kamino held more than $31 million of it, roughly five times the next-largest competitor.

xStocks AAPLx$335.89-0.1% tokens, which track real-world equities like Tesla (as TSLAx), Nvidia (as NVDAx), and Apple (as AAPLx), account for 86.5% of all tokenized stock issuance on Solana, per CryptoBriefing's analysis. That supply concentration, layered onto Kamino's first-mover position in the lending market, produced the lopsided venue split the July data shows.

How Kamino Lend Became the Default Venue for Tokenized Stock Collateral

Kamino Finance KMNO$0.033+16.9% was the first major DeFi lending protocol on Solana to accept tokenized stocks as collateral. On July 14, 2025, Kamino published a governance post announcing xStocks support, with The Block and The Defiant both covering the launch the same day. The integration uses Chainlink Data Streams for sub-second equity price feeds, with an initial roster of eight xStocks that has since expanded to more than 60 equities and ETFs.

Users deposit tokenized equities as collateral in Kamino's isolated markets and borrow stablecoins against their position without selling underlying stock exposure. Kamino described the utility in a statement carried by The Defiant at launch:

Isolated markets keep xStocks collateral risk segmented from Kamino's core lending pools, an important property for equities with hours-based trading schedules and equity-price volatility.

From $23.1M to $53M: Kamino's Venue Share Held Through the Surge

Our July 18 coverage recorded tokenized stock lending TVL at $23.1 million, with Kamino already holding 82.6% of venue share. By July 22, the market had reached a $51.9 million weekly record, with Kamino at $31 million and Jupiter Lend at $20 million. The late-July $53 million peak, per CryptoBriefing's analysis, represents TVL more than doubling in two weeks while Kamino's share held steady. DeFiLlama's Kamino Lend dashboard shows the protocol's total TVL at approximately $2.3 billion; the tokenized stock collateral is a small but fast-growing slice of that book.

Jupiter Lend Holds $20M and Uses a Different Architecture

Jupiter JUP$0.290+3.0% Lend holds the second position with $20 million in xStocks deposits as of late July. Kamino's collateral base is more than 55% larger. Jupiter's lending product uses a peer-to-peer fixed-rate model, per CryptoBriefing's analysis, matching borrowers and lenders directly rather than drawing from a shared pool. That structure accepts long-tail collateral without requiring pool-wide risk parameters, but the TVL gap shows Kamino's pooled isolated-market design has attracted most demand for tokenized equity lending on Solana.

xStocks' 86.5% Issuance Share Explains the Lending Concentration

Kraken, which acquired Backed Finance and operates the xStocks platform, holds 86.5% of all tokenized stock issuance on Solana, per CryptoBriefing's data. The platform now supports more than 60 tokenized equities and ETFs. Because xStocks dominates tokenized stock supply on Solana, protocols building lending infrastructure for tokenized equities are building primarily for xStocks collateral. Kamino's July 2025 integration was the first significant lending venue to support it, and that first-mover position produced the network-effect advantage the 82.6% share figure reflects a year later. Whether that concentration holds as xStocks expands its catalog and other protocols integrate the collateral type remains an open question for the second half of 2026.