Backpack launches collateral functionality for US stocks, adding perpetual contracts such as MU and SNDK

Cryptocurrency exchange Backpack announced that users can now use Micron and SanDisk stocks as collateral to deposit into a unified investment portfolio margin account that covers stocks, cryptocurrencies, and other assets. Stock holdings can be used for USD lending, contract trading, and spot margin.

Backpack had previously provided 24/7 trading services for some U.S. stocks to international investors, who have complete ownership of the traded U.S. stocks and can perform 1:1 bridging between traditional securities and tokenized assets on Solana. The newly added collateral is limited to the two stocks mentioned above, and Backpack has also launched perpetual contracts for MU, SNDK, SPY, and QQQ. Backpack stated that more assets will be launched in the future, but did not disclose a specific timeline.