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Forward Industries, the largest Solana treasury firm, has brought its Nasdaq-listed stock, FWDI, to the Solana blockchain.
Through a partnership with Superstate’s Opening Bell, users can now directly use FWDI as collateral to secure loans on Solana-based decentralized lending protocols, such as Kamino Finance.
For context, Opening Bell is an on-chain tokenization platform owned by fintech firm Superstate. It enables shares registered under the United States Securities and Exchange Commission (SEC) to be available on blockchains. This differs from other platforms that enable the creation of tokenized stocks using synthetic, derivative, or wrapped structures.
Notably, this is the first time that an SEC-regulated equity will be usable within the decentralized finance (DeFi) sector. Still, the service is unavailable to U.S. users.
With this infrastructure, users can now borrow stablecoins using tokenized versions of their FWDI shares. This way, they can retain exposure to their equity assets while trading their desired cryptocurrency compatible with the Solana blockchain. USDC lenders, on their part, can also earn yields from loans secured using these tokenized products.
Reiterating the benefits, Forward Industries’ chairman, Kyle Samani, stated:
“By enabling FWDI stock to serve as collateral on Solana, we’re unlocking a tangible bridge between traditional markets and the programmable financial systems that define the digital economy.”
Pyth, a decentralized oracle platform, will provide real-time price feeds and other relevant market insights to foster accuracy and transparency throughout the integration process with tokenized FWDI shares.
Those currently holding FWDI shares and are interested in DeFi lending are urged to create accounts with Superstate. Next, they follow the instructions and use a supported Solana-based Web3 wallet to access the service. They would have to undergo the Know Your Customer (KYC) procedure.
Shortly after the announcement, FWDI’s price rapidly jumped from $6.95 to $7.55. At the time of writing, however, the stock’s value has rebalanced at $7.13. This indicates that shareholders are bullish about the latest move.
The post Forward Industries’ Stock Now Usable as Collateral on Solana DeFi appeared first on CoinTab News.
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