Kamino Launches USDC Loans Against Backpack Tokenized Stocks

The notable design choice here is the off-hours pricing mechanism: by carrying the last equity price outside US trading sessions, Kamino keeps tokenized-equity collateral usable around the clock, which is precisely where such markets have historically broken down. That matters most for borrowers who want liquidity when traditional venues are shut, and for the lending venue itself, since stale prices during closed sessions are the core risk such a design must absorb. Whether that pricing convention holds up under volatility, and how the 40% ceiling is adjusted if it doesn't, is the open question worth watching.