Superstate published a case study on July 16, 2026 showing more than $17M of its tokenized assets actively deployed as borrowable collateral on Kamino Finance KMNO$0.032-2.4%, Solana's largest lending protocol. The published figures cover two assets: USCC, the Bitwise Crypto Carry Fund, and FWDI, the tokenized public equity of Forward Industries. Both are in use now, with holders borrowing stablecoins against their positions while maintaining exposure to the underlying assets.
Borrowers draw against their collateral in USDC and CASH, two stablecoins supported in the Superstate market on Kamino.
USCC and FWDI: Collateral Figures From Superstate's Asset Pages
Superstate's USCC page shows $4.4M deployed as Kamino collateral on Solana, with the fund carrying $140M in total AUM and an additional $44M in use across other DeFi markets. FWDI, the tokenized public equity of Forward Industries, has $13M in Kamino collateral positions. GLXY, Superstate's tokenized representation of Galaxy Digital Class A Common Stock, is also listed as available collateral, though Superstate's case study did not publish a collateral figure for it.
Kamino's own scale gives those positions a real borrowing market to draw from. The protocol holds $2.2B in total deposits and $1B in active borrows, with rate discovery, position health monitoring, and liquidations handled automatically through peer-to-pool mechanics. Solana Compass analytics tracked 39,514 transactions on Kamino's main lending program over the 30 days to July 16, drawing roughly 140 unique wallets per day.
How Superstate Assets Work as Borrowable DeFi Collateral on Kamino
Eligible investors with Superstate-tokenized assets in an allowlisted wallet supply those assets into a supported Kamino market. From there, they can borrow USDC or CASH against the collateral position while their underlying asset exposure remains intact. The stablecoins can then be redeployed elsewhere.
The process does not involve wrappers or derivative tokens. Superstate, registered with the SEC as a transfer agent, records legal ownership of the underlying shares directly onchain. According to the case study, tokenized GLXY shares are Galaxy Digital Class A Common Stock with legal ownership recorded onchain by Superstate in its transfer agent capacity. Those assets reach Kamino through two Superstate tokenization platforms: Opening Bell for equities and FundOS for funds, both live on Ethereum, Solana, and other blockchains.
Solana's $14B Stablecoin Market and the Global $88T Fund Opportunity
Solana's stablecoin market cap stands at $14B, meaning the liquidity that RWA collateral borrows against is large and established. The Investment Company Institute put worldwide regulated open-end fund assets at $88 trillion at year-end 2025, compared to roughly $33B in total tokenized real-world asset value today, according to data cited by Superstate. If 1% of global regulated fund assets migrated onchain, that would equal roughly $880B, about 26 times the current tokenized RWA market.
Tokenized equities on Solana broadly have been gaining volume: the total onchain tokenized equity value recently hit a $535M all-time high, with programs from Backpack and Jupiter alongside Superstate's assets. The Kamino case study is Superstate's first published account of what those assets are actually doing as deployed collateral.
