<p><span style="font-weight: 400;">Anchorage Digital is expanding its Atlas Collateral Management platform through a new partnership with Ethena Labs.
Under the deal, Anchorage will serve as collateral manager for Ethena's institutional lending activity, allowing the protocol to extend loans to institutions while keeping collateral securely custodied at Anchorage rather than moving it fully onchain. </span></p>
<p><span style="font-weight: 400;">Atlas will provide real-time monitoring of collateral and loan thresholds, automate margin processes, and execute rules-based actions, according to an announcement on Tuesday.
Anchorage Digital Bank already serves as the U.S. issuer of Ethena's institutional-grade stablecoin, <a href="https://www.theblock.co/post/364119/anchorage-digital-genius-stablecoin-ethena">USDtb</a>.</span></p>
<p><span style="font-weight: 400;">Ethena began pivoting toward overcollateralized institutional lending in April as part of a major overhaul of USDe reserves.
