Proposal: Maple and Anchorage Digital as Direct Lending Partners

EthenaLabs_Research
Tue, 10 Mar 2026 16:05:12 +0000
General

Summary

This proposal puts forward Maple and Anchorage as potential direct lending partners for the backing assets of USDe. If approved, stablecoins in the backing of USDe can be used to supply to Maple and Anchorage under specific provisions in order to receive a return on the assets lent out. Both entities will unlock a new market for Ethena: offchain, overcollateralized lending, while maintaining acceptable risk parameters and transparency standards.

The Risk Committee have been briefed of this proposal in advance and have reviewed the specific MLA’s for both Maple and Anchorage. While the specific terms of the agreements can’t be shared publicly for confidentiality reasons, the Risk Committee have seen the specific details and provided valuable feedback privately on several provisions. The Risk Committee will publish the outcome of their review in the replies to this post.

Background

Maple Institutional

maple.finance

Earn Details - Secured Lending

Overcollateralized loans to institutional borrowers, transparently backed by liquid digital assets, held in qualified custody.

Maple Institutional Secured Lending offers overcollateralized loans to institutional borrowers, backed by BTC, ETH and other tokens that pass an in depth collateral review process. Loans are overcollateralized to leading institutions, reviewed by Maple’s internal credit team, and monitored 24/7 with real-time onchain transparency.

**Anchorage Digital
**

anchorage.com

Anchorage Digital | About

Learn about Anchorage Digital, our story, and team. Discover how Anchorage Digital is setting a new standard for crypto finance.

Anchorage Digital is a global crypto platform that enables institutions to participate in digital assets through custody, staking, trading, governance, settlement, and the industry’s leading security infrastructure. Anchorage Digital Bank National Association holds a federal OCC charter (granted 2021), making it the first federally chartered digital asset bank in the United States.

Next Steps

If approved, Ethena will begin testing flows to Maple and Anchorage before scaling these positions. Offchain lending will be included in Ethena’s proof of reserves going forward and positions will be detailed in the transparency page of the Ethena app. Any additional partners for offchain lending outside of Maple and Anchorage will need new proposals to the Ethena Risk Committee.

4 posts - 4 participants