[Ethena Partners with Anchorage to Provide Off-Chain Collateral Management for Institutional Lending] According to The Block, Anchorage Digital has expanded its Atlas collateral management platform through a new partnership with Ethena Labs. Under the agreement, Anchorage will serve as the collateral manager for Ethena's institutional lending business, enabling Ethena to offer loans to institutions wishing to store assets with Anchorage custody without fully putting the collateral on-chain. Atlas will provide real-time monitoring of collateral and loan thresholds, automate margin processes, and execute rule-based actions. In April, Ethena began shifting toward over-collateralized institutional lending as part of a major reform of USDe reserves, aiming to reduce USDe's reliance on perpetual futures.