Galaxy Expands On-Chain Lending Business to Solana with Kamino Vault Launch

Galaxy has expanded its on-chain lending business to Solana by launching two stablecoin vaults on Kamino, offering curated USDC and USDT lending strategies. The move adds separate USDC and USDT strategies managed through Galaxy Curation.

According to Galaxy, the new vaults will be available for institutional investors, applying institutional collateral standards, exposure limits, and market monitoring. Galaxy reported a $1.4 billion average loan book and 1,741 total trading counterparties during Q2, while Kamino reports over $20 billion in originated loans and zero bad debt to lenders historically.

Galaxy Curation started in July with stablecoin strategies built on Morpho and distributed to institutions through Fireblocks Earn. The new launch puts the same curation model on a second blockchain and introduces direct exposure to Solana lending markets. Galaxy's director of trading, Eduardo Bermudez, said that the company built the curation business around the view that institutions should not have to change their operating model to use on-chain yield products.