Backpack Lending Launches in Japan, Enabling BTC as Collateral to Borrow USDC with Floating Interest Rates

COINOTAG News reports that Backpack has officially opened its crypto lending service to users in Japan following an official announcement. Eligible holders can pledge assets such as BTC, ETH, SOL, XRP, and USDC as collateral to borrow without selling their holdings, signaling a strategic market expansion.

Under Backpack’s model, investors can deposit assets to earn a floating interest rate, while borrowers may access USDC and other tokens secured by their crypto collateral, subject to established loan-to-value and liquidation risk parameters.

At present, the service focuses on lending and does not offer spot or perpetual contracts. Japanese residents can also participate in the Backpack Point rewards program, expanding incentives for on-chain activity within a compliant framework.