Anchorage Digital and Mezo have formed a strategic partnership aimed at expanding institutional access to Bitcoin-based borrowing and yield opportunities, marking one of the most significant integrations to date between a regulated digital asset custodian and a Bitcoin-native finance protocol.
Mezo — a bank-free Bitcoin finance platform built by Thesis — will now offer institutional clients low-cost borrowing through its MUSD stablecoin and new BTC yield opportunities via veBTC.
Anchorage Digital will provide the custody and infrastructure layer, giving asset managers, digital asset treasury (DAT) firms, and publicly traded companies a secure way to participate in BitcoinFi applications.
At launch, borrowing through Mezo’s MUSD stablecoin is now available directly inside Porto, Anchorage Digital’s institutional self-custody wallet. The yield component, powered by Mezo’s veBTC mechanism, will go live soon.
Borrowing at a fixed 1% rate
Through the integration, institutions can borrow against their Bitcoin at a fixed 1% rate using Mezo’s MUSD stablecoin. Borrowing activity is fully supported through Porto, allowing companies to access liquidity without relinquishing ownership of their BTC.
The move is designed to open up capital efficiency for asset holders who have traditionally struggled to use Bitcoin in treasury or corporate finance strategies.
The second phase of the partnership centers on veBTC, a tokenized position (veNFT) issued when users lock BTC on Mezo. veBTC holders will earn rewards generated through a transparent on-chain network fee-sharing model.
Lockup periods range from 6 to 30 days, significantly shorter than lockups found in other ve-token systems. Longer lock times will provide higher rewards and additional governance rights, including influence over protocol fees and economic parameters.
Anchorage Digital clients will be able to access these features both through Porto and the broader Anchorage Digital platform when the product goes live.
Executives call it a milestone for institutional Bitcoin finance
Matt Luongo, CEO of Thesis and Co-Founder of Mezo, said the partnership brings Bitcoin closer to long-discussed visions of Bitcoin-native financial services.
“After 16 years, Bitcoin holders still struggle to access and leverage their wealth,” Luongo said. “Mezo is realizing Hal Finney’s vision for a Bitcoin banking experience that issues its own digital currency backed by Bitcoin. This partnership gives holders the ability to borrow, earn yield, and lend through institutional-grade infrastructure.”
Nathan McCauley, Co-Founder and CEO of Anchorage Digital, called Bitcoin an “untapped” asset within most institutional portfolios.
“Most Bitcoin holdings remain dormant and generate no returns,” McCauley said. “Working with protocols like Mezo shows how secure custody can support new forms of BTC utility. Access to Bitcoin rewards through institutional-grade infrastructure points to what the future of finance will look like.”
Borrowing via MUSD is available now, with veBTC rewards set to launch in the coming weeks.
