Spark, a Bitcoin layer-two payments protocol and the lending arm of the Sky ecosystem, formerly known as MakerDAO, has allocated $210 million to institutional loans backed by Bitcoin in partnership with Anchorage Digital. Three institutional counterparties have borrowed $150 million in USDC against $222 million worth of BTC, implying collateralization of roughly 148%. Spark provides the loan capital while Anchorage holds the collateral and manages it through Atlas, a secure automated network that provides 24/7 margin monitoring, settlement and tri-party services within a regulatory framework. Atlas also acts as collateral agent, processing payments and managing margin calls and liquidations. Bitcoin remains in Anchorage’s regulated custody rather than moving fully on-chain, while Spark supplies stablecoin liquidity. Spark integrated RedStone oracles around mid-June 2026 to publish real-time loan-to-value data for the collateral on-chain. By the end of Q2 2026, Anchorage’s allocation in Spark’s lending book had risen approximately 70% to around $260 million and was generating about 6.5% returns, making it Spark’s highest-yielding segment. The arrangement connects decentralized lending liquidity with infrastructure recognized by institutional compliance teams, against an estimated $33 billion off-chain crypto-backed lending market.