Anchorage Digital has expanded its Atlas network to include collateral management, adding another piece of infrastructure for institutions that want to lend against crypto without taking on the operational and counterparty risks that have long slowed the market.

The company said Atlas now supports nearly 600 participants, up fourfold from a year ago, and has processed tens of billions of dollars in settlements to date. Anchorage is pitching the new product as a regulated, always-on system for monitoring collateral, issuing margin calls, and handling liquidations across secured loans, structured products, derivatives, and other credit arrangements.

That matters because Atlas did not start as a lending product. Anchorage introduced the network in April 2024 as a settlement layer for institutions moving digital assets and dollars without escrow, omnibus accounts, or pre-funded collateral. Since then, the platform has been broadened into triparty custody and collateral workflows, showing how Anchorage is trying to turn custody into a larger capital markets business.

The timing also fits a broader push by Anchorage Digital to position itself as regulated infrastructure for institutional crypto finance. Anchorage was the first crypto firm to receive a national trust bank charter from the Office of the Comptroller of the Currency in 2021, but it is no longer alone. In December 2025, the OCC conditionally approved similar national trust bank charters for firms including Circle, Ripple, Paxos, BitGo, and Fidelity Digital Assets, signaling a wider shift toward federally regulated crypto banking.

This wave of approvals reflects growing institutional demand for bank-grade custody, settlement, and issuance infrastructure, as stablecoin issuers and crypto firms seek deeper integration with the US financial system.

Anchorage said Cantor Fitzgerald, Spark, and Kamino are already using Atlas-powered collateral management. Cantor previously selected Anchorage and Copper in March 2025 to support its Bitcoin financing business, with Anchorage serving as both custodian and collateral manager.

Spark has also worked with Anchorage to connect offchain custody with onchain credit, while Kamino recently joined Anchorage and Solana Company on a structure that lets institutions borrow against natively staked SOL held in qualified custody.