Spark打通DeFi與TradFi邊界,90億美元穩定幣流動性直連機構資本

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2月11日消息,去中心化金融協議Spark宣布推出面向機構的全新借貸基礎設施,目標是構建鏈上資本與傳統金融體系之間的安全通道。通過Spark Prime與Spark Institutional Lending兩大產品,Spark正將DeFi領域最深厚的穩定幣流動性引入此前長期依賴鏈下模式的機構借貸市場。

Spark表示,這兩項服務已將超過90億美元的已部署穩定幣流動性擴展至對沖基金、交易公司和金融科技機構,這些參與方需滿足托管與合規要求。根據Galaxy的數據,目前鏈下加密借貸規模約為330億美元,說明大量機構仍對直接接觸鏈上資產保持謹慎,但對加密相關融資的需求依然強勁。

Phoenix Labs聯合創始人Sam MacPherson指出,新體系本質上是通過合格托管機構進行的場外加密借貸,並採用超額抵押結構,以降低系統性風險。他強調,過去無擔保貸款曾造成嚴重後果,而新的設計通過風險控制與托管隔離,顯著提升了貸款安全性。

Spark Prime引入統一保證金框架,允許借款人在中心化平台、DeFi協議及合格托管機構之間靈活部署抵押品,同時在單一風險引擎下進行清算與管理。該系統由主經紀商Arkis提供技術支持,當組合風險超出閾值時,可自動觸發跨平台平倉,為對沖基金等高頻策略提供更高資本效率。

Spark Institutional Lending則面向偏好全托管模式的機構,通過與Anchorage Digital等服務商合作,借款人可在受監管環境中使用托管抵押品,同時接入Spark管理的鏈上流動性池。

此前,Spark已為多項機構級產品提供核心流動性支持,包括為2025年比特幣借貸項目及穩定幣生態提供數億美元資金。此次升級,意味著Spark正逐步成為連接穩定幣需求與全球資本市場的重要基礎設施。(CoinDesk)

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