Anchorage and Spark let institutions borrow on-chain against BTC that stays in Anchorage custody

Sky (formerly MakerDAO)/Spark (SparkLend and Liquidity Layer)

Institutions can borrow stablecoins from Spark while their bitcoin stays at Anchorage Digital Bank. Anchorage's Atlas platform acts as collateral agent for Phoenix Labs, Spark's developer, handling loan-to-value monitoring, margin calls and liquidations; Phoenix takes legal title to the pledged assets.

• First deployment: $150M USDC lent against $222M of BTC to three institutions (per Spark's Q2 2026 report).
• Anchorage CEO Nathan McCauley: the setup lets DeFi protocols 'meet institutions where they are'.
• By end Q2 2026 the Anchorage book had grown ~70% and paid ~6.5%, Spark's highest-yielding channel.