Kamino Opens Sterling Lending Market on Solana with tGBP and USDC
Kamino has launched an isolated lending market for tokenised GBP (tGBP) on Solana, providing users with a platform to supply or borrow tGBP and USDC against approved crypto collateral. The market accepts USDC, cbBTC, and JitoSOL as collateral, with maximum loan-to-value ratios of 85% for USDC, 75% for cbBTC, and 60% for JitoSOL. Both tGBP and USDC are available to borrow.
tGBP is a stablecoin pegged 1:1 to the pound sterling, backed by cash and cash equivalents held by BCP Technologies. Eligible businesses can mint tGBP by transferring pounds through UK banking rails and redeem tokens back into pounds. Kamino's market offers regulated assets onchain lending, building on its existing credit markets for tokenised treasuries, equities, and gold.
Kamino has over $2.7 billion in deposits and has originated more than $21 billion in on-chain loans over three years with no bad debt to lenders. The company's CEO, Michael Weisz, believes regulated assets are coming onchain faster than ever, requiring credit markets to unlock their potential.