-
Galaxy Digital (GLXY) shares have gained new utility on the blockchain, marking a significant milestone in digital finance. After becoming the first NASDAQ-listed company to tokenize its equity on a public network, Galaxy now allows shareholders to use these digital tokens as collateral in decentralized finance (DeFi).
Through a partnership with the equity platform Superstate and the lending market Kamino, eligible investors can now utilize their shares without selling them. This initiative aims to bridge the gap between traditional brokerage accounts and the speed of the Solana blockchain.
Unlocking value on Solana
The tokenized GLXY shares are available on the Superstate Market on Kamino, the largest lending market on the Solana network, with over $2 billion in Total Value Locked (TVL). By bringing their shares "onchain," eligible ex-US investors can maximize the utility of their assets. GLXY holders can borrow stablecoins like USDC or CASH against their shares, allowing them to access cash while maintaining full exposure to the underlying stock.
Blueprint for growth
Superstate and Kamino have previously integrated traditional stocks into digital lending markets. In December, they launched a similar path for Forward Industries (FWDI), which has gained traction, with approximately 8% of Forward’s total market cap now tokenized through the Superstate platform.
Currently, the Superstate Market on Kamino, which includes various digital collateral assets, holds about $45 million in total value. For investors, the economics of this digital bridge are notable, with Superstate focusing on upgrading traditional securities through native tokenization. This launch provides a framework for other issuers to integrate public equity with digital financial systems.
This article has been published in TheStreet via Yahoo News.
Solana attracts tokenized equities as Galaxy enables DeFi lending
A major milestone in digital finance has reached its next phase as Galaxy Digital (GLXY) shares gain new utility on the blockchain. After becoming the first NASDAQ-listed company to tokenize its equity on a public network, Galaxy is now allowing shareholders to use those digital tokens as ...
finance.yahoo.com
