Anchorage Digital will serve as collateral manager for Ethena Labs' institutional lending activity through Atlas, letting Ethena invest in loans while borrower collateral stays in Anchorage custody instead of being deposited onchain. Atlas monitors collateral and loan thresholds in real time, supports margin processes, and executes rules-based actions when needed. This extends Anchorage and Ethena's existing USDtb relationship into credit infrastructure, giving Ethena a cleaner institutional lending path without forcing borrowers out of custody and compliance workflows.

TLDR by @Benthic

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