What to Know
- Kamino launched an off-chain collateral system using Anchorage custody and Chainlink verification
- Pilot program starts with a Solana-focused treasury company
- Model lets institutions borrow on-chain while keeping assets in regulated custody
Kamino has announced a new off-chain collateral product that lets companies use assets held with a trusted custodian while still borrowing on-chain. The system is being launched with custody support from Anchorage Digital and is starting with a pilot program involving Solana Labs’ treasury-focused affiliate often referred to as Solana Company.
The update was shared at Consensus 2026 by Kamino’s Head of Strategy, Cheryl Chan. The goal is to make it easier for large and regulated players to access on-chain lending and yield opportunities without moving their assets out of professional custody.
How the New Off-Chain Collateral Model Works
Under this new setup, a borrower does not need to move funds directly onto the blockchain to use them as collateral. Instead, the borrower deposits funds with Anchorage, which is a regulated crypto custodian. Kamino then connects to that custody account through a verification system built with Chainlink. This system lets Kamino see how much collateral is locked with the custodian.
Based on that locked collateral, Kamino creates a matching on-chain token that acts like a mirror of the deposited assets. The borrower can then use this mirror token on Kamino as collateral to borrow stablecoins and access on-chain yield strategies.
Cheryl Chan explained the idea simply on stage: companies can keep funds in qualified custody while still getting access to on-chain liquidity and returns. This improves capital efficiency without forcing firms to take extra custody risk.
Pilot Program With Solana Treasury Firm
The first pilot user is a publicly listed digital asset treasury company focused on Solana and managed by Pantera and Summit Capital. In the pilot, the company deposits funds with Anchorage, and Kamino issues mirror tokens that can be used inside its lending system. This gives the borrower the ability to unlock liquidity while keeping assets with a regulated custodian. It also gives Kamino a controlled way to test the system with an institutional participant before wider rollout.
Many large firms have stayed away from on-chain lending because they are not comfortable moving big holdings into smart contracts directly. Internal rules and regulations often require them to use licensed custodians. Kamino’s off-chain collateral model is designed to remove that barrier. It connects regulated custody with on-chain borrowing.
Anchorage has been expanding similar models recently. The company has also partnered with other lending protocols to help institutions borrow while keeping collateral in off-chain storage. Its message has been clear: institutions want yield and liquidity, but they also want strong controls and trusted custody. By working with a custodian instead of replacing one, Kamino is trying to meet institutions where they already are.
Kamino’s Bigger Product Expansion
This launch is one of six major product lines Kamino revealed as part of its next growth phase. Other planned products include fixed-rate borrowing, private credit vaults, tokenized real-world asset trading, and plug-and-play yield tools for fintech apps.
Kamino has also been active in expanding what can be used as collateral. Last year, it integrated tokenized stocks, allowing users to borrow against digital versions of real company shares. Together, these moves show Kamino is building toward a broader lending marketplace that connects traditional-style assets and institutions with blockchain-based liquidity.
Strong Support for Solana
During panel discussions, Cheryl Chan said she believes Solana is the best chain for DeFi growth because of its speed and user experience. She also highlighted Solana’s global outreach, especially its efforts to connect with Bitcoin holders and developers across Asia.
Other speakers at the event echoed the view that future Bitcoin-based DeFi products could grow strongly on Solana due to faster performance and easier app design.
