Ethena is not slowing down. The protocol just announced an expanded partnership with Anchorage Digital, a federally regulated crypto bank in the US, to push its institutional lending business further through Atlas Collateral Management, and the details of this deal are worth paying attention to. Under the new arrangement, Anchorage steps in as collateral manager for Ethena’s loan assets. That means borrower collateral will be held directly inside Anchorage’s regulated custody infrastructure. For anyone who has followed the institutional DeFi space, that is a bigger deal than it might first appear. The news dropped on Ethena’s official X account and
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