According to CoinMeta, Chainlink announced a collaboration with Anchorage Digital Bank to launch CustodySync, aimed at providing institutions with a lending mechanism that allows them to borrow from decentralized lending markets based on qualified collateral assets. This system connects the custodians' collateral systems with the on-chain lending market, coordinating balances, prices, and lending activities. In the design of Chainlink, it is ensured that custody balances are published on-chain, while the receipt tokens that impose transfer restrictions represent the collateral within the lending market. Borrowed funds are directly transferred from the lending market to the borrowers. Nathan McCauley, the CEO of Anchorage, stated that institutions should not have to choose between qualified custody and on-chain liquidity.