Backpack rolled out another update in the past couple of days. Now, any stock or ETF with a corresponding perpetual market can directly be used as collateral. No need to sell your U.S. stocks—you can use them to borrow USD, trade Perps, or do margin spot trading. Previously, stocks, crypto, and Perps were all siloed—assets in one account could only serve that specific market. Recently, Backpack has been continuously adding perpetual markets for stocks like NVDA, AAPL, META, INTC, GOOGL, AMD, and now it’s integrating these stocks into a unified cross-asset margin system. This means stocks are no longer just assets you buy and hold. They can now be used as trading margin, improve capital efficiency, and be managed alongside crypto positions in the same portfolio. @Backpack is now defining this system as: One pool of capital. Cash, crypto, U.S. stocks, and Perps all in one account, with eligible assets collectively serving as collateral. Essentially, it’s combining: stocks + crypto + Perps + lending into one unified cross-asset margin system. In the past, buying stocks meant “holding.” Now, these assets can also be leveraged to improve capital utilization. When one share of NVDA is no longer just NVDA, but can simultaneously be held, used as collateral, borrowed against, used for margin, hedged… Stocks themselves are becoming composable assets within the crypto trading ecosystem. The boundary between traditional stocks and crypto is finally starting to blur.