Backpack now allows users to use stocks and ETFs with corresponding perpetual markets as collateral across its unified cross asset portfolio. The update enables customers to borrow USD and trade spot on margin using real security entitlements. Every stock or ETF perpetual listing on the platform unlocks the underlying spot asset as margin collateral for hedging and trading.

The functionality follows a temporary, conditional exemptive relief order from the SEC. The agency exempts tokenized securities venues from the definition of exchange in the Exchange Act for trading tokenized National Market System stock using permissioned automated market makers and liquidity pools. This regulatory shift supports the expansion of Backpack Securities into the stock market.