Anchorage to Manage Collateral for Ethena Labs’ Institutional Loans

Anchorage Digital will serve as collateral manager for Ethena Labs’ institutional lending, holding client assets in qualified custody and using its Atlas Collateral Management platform to monitor loan‑to‑value (LTV) thresholds and margin processes, the firms announced in a company release.

Under the agreement, Anchorage will hold and monitor borrower collateral while Ethena supplies capital for institutional loans. Collateral remains within Anchorage’s custody framework rather than being moved fully onchain, allowing borrowers that operate under strict custody, compliance or segregated account rules to access crypto‑native credit without changing their custody arrangements.

Atlas, Anchorage’s real‑time collateral management and settlement system, tracks LTV levels, supports margin workflows and executes rules‑based actions such as liquidations or margin calls when preset conditions are met. The platform reports on collateral positions and enforces agreed procedures while assets remain in qualified custody instead of open onchain wallets.

The arrangement extends an existing commercial relationship between the two firms. Anchorage Digital Bank N.A. is the U.S. issuer of USDtb, Ethena’s institutional stablecoin, and will now provide custody and collateral management services alongside that issuance role. Anchorage holds a federal bank charter from the Office of the Comptroller of the Currency, a regulatory status the companies cited as relevant for institutional counterparties that require regulated custody and compliance controls.

Nathan McCauley, co‑founder and CEO of Anchorage Digital, stated: “Institutions want access to crypto‑native capital, but not at the cost of custody, controls, or operational rigor. Atlas Collateral Management lets protocols like Ethena Labs meet institutional borrowers where they are, combining the speed of DeFi with the standards institutions require.”

Guy Young, founder and CEO of Ethena Labs, commented that the arrangement supports the firm’s effort to expand institutional participation in digital asset lending: “Atlas Collateral Management brings the controls, custody, and operational standards required to support that next phase of growth.”

Most decentralized lending protocols require collateral to be posted onchain, a requirement that can conflict with institutional custody rules. Anchorage’s role as collateral manager and custodian is intended to let Ethena offer a loan structure that institutional counterparties can use without moving assets outside regulated custody frameworks.

The companies said the setup will allow lenders and protocols to use automated margin management and settlement processes enforced by Anchorage’s platform while borrowers keep assets in regulated custody. For protocols pursuing institutional capital, the Atlas service provides collateral oversight and liquidation mechanics that the protocol itself does not need to build.