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Ethena began pivoting toward overcollateralized institutional lending in April as part of a major overhaul of USDe reserves.Anchorage will now serve as the collateral manager for Ethena’s institutional lending activity, allowing the protocol to extend loans to institutions who want to keep assets in Anchorage’s custody.

BlackRock filed a comment letter Friday urging the OCC to scale back several proposed reserve asset restrictions in its draft rules implementing the GENIUS Act.The world’s largest asset manager opposed a potential 20% cap on tokenized reserve assets, a constraint that would limit products like its BUIDL fund, which backs more than 90% of Ethena’s USDtb and Jupiter’s JupUSD.BlackRock also asked the agency to confirm that Treasury ETFs qualify as reserves and to add two-year Treasury floating-rate notes to the eligible asset list.