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

Canonical page: https://technooptimist.io/stories/anchorage-and-spark-let-institutions-borrow-on-chain-against-btc-that-7ad0376c
Date: 15 Jan 2026
About: [Sky (formerly MakerDAO)](https://technooptimist.io/companies/sky.md) · [Spark (SparkLend and Liquidity Layer)](https://technooptimist.io/crypto/spark.md)
Original source: https://www.theblock.co/post/385652/anchorage-unlocks-onchain-lending-using-off-chain-collateral-via-spark

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.

## Key facts

- 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.

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