Backpack Securities and Kamino Expand Credit for Tokenized Equities Now live as collateral in the Backpack Market on Kamino, Backpack Securities tokenized equities give eligible holders access to USDC credit against tokens backed 1:1 by U.S.-listed shares, according to Backpack Securities. Backpack Securities allows users to buy, sell, mint, and redeem tokenized securities backed 1:1 by real U.S.-listed stocks and ETFs on Solana. Kamino is the largest onchain lending protocol for tokenized equities by collateral deposited, with around $50 million in tokenized equities supplied as of October 2026. Through Kamino, eligible holders can borrow against those tokens while keeping price exposure to the underlying stock, subject to liquidation if the value of their collateral falls. “Investors around the world want access to U.S. equities on their own terms, and ownership should carry the same utility onchain that it does in a brokerage account,” said Armani Ferrante, CEO of Backpack. “Backpack Securities is designed to preserve real ownership while making shares portable across Solana. Kamino’s infrastructure for tokenized equities made it the natural venue, and integrating there gives our holders access to credit against the tokenized shares they already hold.” 1:1-backed, Redeemable Through Backpack According to Backpack Securities, each token is issued 1:1 against an underlying share held, and eligible Backpack account holders can redeem 1:1 for that share, subject to Backpack Securities’ terms of use. Backpack Securities states that the underlying holdings are security entitlements under New York UCC Article 8, cleared and custodied by RQD Clearing, LLC and Atomic Vault Securities, LLC. Both are SEC-registered and members of FINRA and SIPC. Backpack also states that customer securities are kept separate from the company’s creditor claims. Redemption runs through a deposit to an eligible Backpack account. Dividends are reinvested into additional tokenized shares and credited to the holder’s wallet. Splits and other corporate actions are applied through a multiplier on the token mint. Credit Infrastructure Built for Tokenized Equities The Backpack Market is an isolated market with its own parameters and reserves, so bad debt or liquidity shortfalls in other Kamino markets do not pass through to it. Each tokenized equity on Kamino has its own loan-to-value, liquidation, and borrow-cap parameters, set by the manager of the market where it is listed based on the liquidity and oracle coverage. The market runs onchain around the clock, and users can deposit, borrow, repay and withdraw at any time. Backpack Securities and Kamino Expanding Credit for Tokenized Equities The Backpack Market expands loans backed by tokenized equities on Solana. Kamino continues to build credit infrastructure for a growing range of tokenized equities, so eligible users can access liquidity against their holdings without selling them, subject to liquidation risk. As Backpack Securities expands its supported assets, additional tokenized equities are expected to come to Kamino. “Tokenized equities become useful when they can enter credit markets with transparent onchain risk parameters,” said Michael Weisz, CEO of Kamino. “Backpack Securities has built its model around 1:1 backing and redemption, and Kamino provides the infrastructure for those assets to serve as collateral. As more of the U.S. equity market moves onchain, we expect borrowing against tokenized shares to become one of the primary ways holders use them.” Learn more about the Backpack Market here About Backpack Securities Backpack Securities is a securities business building infrastructure for the convergence of traditional and digital asset markets. Through a regulated brokerage platform and a complementary tokenization platform, Backpack Securities provides investors with access to real equity ownership and blockchain-native distribution of publicly traded securities within a single portfolio experience. Since launching in June 2026, tokenized stocks issued by Backpack Securities have recorded over $6 billion in cumulative onchain trading volume and attracted more than 560,000 holders. To learn more about Backpack, visit backpack.exchange, X, or LinkedIn. Disclaimer Kamino is a protocol and institutional infrastructure layer. Where a Kamino market has a third-party market manager, that manager sets the market’s parameters; Kamino does not manage, endorse, or guarantee any market manager’s parameters or risk decisions, including Allez Labs’s. Backpack Securities tokens are issued by Backpack’s securities arm, not Kamino. Kamino does not issue, sell, custody, or redeem them; eligibility, redemption, custody, and corporate actions are governed by Backpack Securities’ terms of use. Protections described by Backpack Securities relate to the underlying holdings and do not cover tokens deposited on Kamino, smart-contract risk, or losses from liquidation. Kamino markets, including isolated markets, are subject to smart-contract and oracle risk. Using tokenized equities as collateral carries liquidation risk, including when markets for the underlying shares are closed. Please refer to Backpack Securities for full terms of use and eligibility: https://support.backpack.exchange/legal/general-legal/user-agreement. Targeted yield is not guaranteed and depends on loan performance; deposited capital may be partially or fully lost. Not a bank deposit, not insured. Subject to Kamino’s Terms of Service and geo-blocking — not available in restricted jurisdictions. Informational only, not investment, legal, or tax advice.