The Spark platform has achieved a significant breakthrough in its business operations—officially launching institutional-level lending services. In this initial transaction, three institutional users pledged $2.22 billion worth of BTC as collateral to borrow $1.5 billion USDC, with an over-collateralization ratio of 148%. This not only demonstrates progress in the platform's compliant operations (supported by third-party custody provided by Anchorage Digital) but also opens up new ways for institutional funds.

The underlying logic is quite clear: institutional wallets have long held the largest and highest-quality BTC positions. Through structured lending, these assets can be made more liquid, and stablecoin liquidity can be obtained without selling the underlying assets—making it an attractive option for institutions pursuing long-term holdings.