Top Solana Lending Protocol Adds Superstate Tokenized Shares as Collateral

Tokenization firm Superstate said on Thursday, Dec. 18, that tokenized public equities issued through its Opening Bell platform are now available as collateral on Kamino, the largest lending protocol on Solana, with $2.24 billion in total value locked (TVL).

The launch allows eligible investors outside of the United States to borrow stablecoins on Kamino using tokenized shares of publicly traded companies, according to a press release viewed by The Defiant. Superstate said that this is the first time SEC-registered, exchange-listed equities have been used directly as collateral in a decentralized finance (DeFi) protocol, while borrowers retain exposure to the underlying shares.

The integration reflects broader efforts to make tokenized assets more composable and liquid, connecting regulated securities with DeFi — especially through compliant issuance and transfer agent infrastructure.

“We’re building toward a world where regulated assets can do more than just sit on-chain,” said Robert Leshner, CEO of Superstate. “Collateral is a natural place to start.”

At launch, tokenized shares of Forward Industries (FWDI) are supported on the lending protocol, with additional issuers expected to be added as their tokenized shares go live, according to a press release viewed by The Defiant. FWDI stock is currently trading at $7.38, up over 6% on the day.

The news follows Superstate’s announcement just 10 days ago that it will allow U.S. public companies to issue new shares directly on Ethereum and Solana. Under the program, SEC-registered firms can sell newly issued tokenized shares to eligible investors using stablecoins, with the first offerings expected in 2026, The Defiant previously reported.

Tokenization Year

The announcement comes amid a broader boom in tokenized U.S. equities, alongside other traditional assets, with both centralized and decentralized platforms launching new products. For example, Kraken’s xStocks, developed with its recently acquired partner Backed, now offers tokenized versions of U.S. stocks such as Apple and Nvidia on Ethereum, Solana, Tron, and BNB Chain.

These products allow 24/7 on-chain trading and are fully collateralized, but currently are available only to non-U.S. investors and do not provide full ownership rights like traditional shares. Kamino added xStocks as collateral on its lending platform in July.

Earlier this year, xStocks reached over $500 million in on-chain transaction volume just weeks after its public launch, with cumulative volume hitting over $10 billion as of last month. However, experts noted that this is still relatively small compared with on-chain trading activity, as DEXs on Solana alone see billions of dollars in daily trading volume.

Moreover, as a result of Solana’s growing role in tokenized assets, investment firm RockawayX projected in October that Solana’s native token, SOL, could reach $6,000 over the long term. Currently, SOL is changing hands at $127, down 4% on the day amid a broader market slump.