Anchorage Digital Launches On‑Chain SOL Borrowing Solution that Keeps Custody In‑House
February 13 2026 – Cointelegraph
Anchorage Digital, the federally chartered crypto bank, announced on Friday that its Atlas collateral‑management suite now supports a new on‑chain borrowing workflow for staked Solana (SOL). The functionality, built in partnership with Solana‑based lender Kamino and the publicly listed Solana Company treasury, lets institutional investors pledge native, staked SOL as collateral while the tokens remain under Anchorage’s regulated custody.
How the architecture works
- Custody stays static – SOL that is already delegated to validators for staking never leaves Anchorage’s custodial vaults.
- Collateralization on Kamino – The deposited SOL is tokenized in a way that Kamino’s lending protocol can accept it as collateral, allowing borrowers to tap liquidity without moving the underlying assets into a smart contract.
- Continuous staking rewards – Because the tokens stay bonded to the validator network, owners keep accruing staking yields while a loan is outstanding.
- Anchorage’s risk management – The bank acts as the collateral manager, setting loan‑to‑value (LTV) limits, monitoring margin calls, and executing liquidations if required. This oversight satisfies the compliance expectations of regulated entities that have previously been wary of the “self‑custody” model typical of DeFi.
The solution extends Atlas, Anchorage’s flagship platform for managing digital‑asset collateral, to incorporate a decentralized lending market without compromising the security guarantees that institutional clients demand.
Who is behind the initiative
- Kamino – A Solana‑native DeFi protocol that enables lending and borrowing of digital assets directly on the Solana blockchain.
- Solana Company – A corporate treasury created in collaboration with Pantera Capital and Summer Capital, listed on public markets and holding roughly 2.3 million SOL, making it the second‑largest SOL‑based treasury according to CoinGecko data.
By linking Anchorage’s regulated infrastructure with Kamino’s on‑chain liquidity and the sizable SOL holdings of Solana Company, the three parties aim to bridge a gap that has limited institutional participation in decentralized finance.
Regulatory backdrop
The rollout arrives at a time when U.S. policymakers are still shaping the regulatory framework for DeFi. The proposed CLARITY Act—intended to delineate jurisdictional authority over digital assets—has generated debate among industry participants. Critics argue that the bill does not sufficiently differentiate between centralized custodians and fully decentralized protocols, leaving uncertainty about compliance obligations for services like the new Anchorage‑Kamino bridge.
In early February, the Trump administration convened a round‑table with crypto‑industry leaders to discuss possible amendments to the CLARITY Act, focusing on how decentralized governance and self‑custody mechanisms should be treated under U.S. law. The outcome of those discussions may influence how quickly other custodians adopt similar on‑chain collateral solutions.
Market implications
- Liquidity without custody risk – Institutions can unlock capital from staked SOL without exposing assets to the operational risks of moving them into public smart contracts.
- Enhanced yield capture – Borrowers retain staking rewards, potentially improving the economics of leveraged positions compared with traditional crypto loans that require asset transfer.
- Catalyst for broader DeFi adoption – If the model proves successful, other custodians may replicate the framework for different assets, widening the pool of regulated capital flowing into decentralized markets.
- Regulatory scrutiny – The integration could become a litmus test for how U.S. regulators view blended custodial‑DeFi services, influencing future guidance on on‑chain collateralization.
Key takeaways
- Anchorage now offers on‑chain borrowing for staked SOL while maintaining regulatory custody, eliminating a major friction point for institutional players.
- Kamino provides the lending market, and Solana Company supplies a sizable SOL treasury that backs the liquidity pool, creating a three‑party ecosystem.
- Anchorage retains full oversight of loan parameters and liquidation processes, aligning the solution with compliance requirements.
- The initiative coincides with ongoing U.S. legislative debates (CLARITY Act) that could shape the future regulatory treatment of hybrid custodial‑DeFi products.
- If adopted widely, the model may accelerate the flow of institutional capital into decentralized finance while preserving the security guarantees demanded by regulated entities.
Anchorage’s move signals a growing willingness among custodians to integrate decentralized protocols, potentially heralding a new phase where traditional finance and DeFi operate more seamlessly together.
Source: https://cointelegraph.com/news/anchorage-kamino-institutions-borrow-against-sol-without-moving-custody?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
