- Kamino integrates tokenized US stocks as DeFi collateral.
- Enables Solana users to leverage stock tokens.
- Launch expected to attract additional liquidity to Solana.
Kamino, a Solana-based DeFi app, has integrated xStocks, enabling users to use tokenized US stocks as collateral through the xStocks platform. This integration is facilitated by Backed Finance, a Switzerland-based firm compliant with EU regulations.
This development represents a significant move in the DeFi landscape on Solana, enabling real-world asset tokenization and attracting more liquidity with new collateral options.
Details of the Integration
Integration allows Kamino users to utilize tokenized stocks as collateral for borrowing. Managed by Backed Finance, these stock tokens uphold EU MiFID II compliance. Kamino enables trading and leveraging through platforms like Kraken and Coinbase.
“The vision is that you can buy an xStock on Kraken, you can withdraw it, and then you can deposit on Coinbase or you can deposit on Orca, you can leverage it on Kamino.” – Adam Levi, Co-founder, Backed Finance
The introduction of xStocks as collateral can increase liquidity in Solana’s DeFi market. Solana’s TVL stands at approximately $8.56 billion, and new tokenized assets could push this higher. Tokenized stocks offer users diverse exposure and trading options.
This effort marks a pivotal point for real-world asset tokenization in DeFi. Similar actions have occurred, but Kamino’s regulatory compliance may provide a competitive edge. Earlier attempts lacked such compliance, creating unique market potential now.
Kamino’s xStocks integration may facilitate technological, financial, and regulatory advancements in tokenization. Users benefit from diverse collateral options while markets gain potential investment influx. Compliance points to potential cross-border legality improvements.
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