Aave Proposes V4 Loans Against Bitcoin Held With Anchorage

Aave Labs is proposing Aave V4 loans against Bitcoin held with Anchorage, publishing an ARFC on September 14, 2026, that would let institutions borrow stablecoins against BTC pledged in Anchorage custody. The plan remains a proposal, not a live market, with final risk terms and governance approval still pending. TLDR KEYPOINTS Aave Labs proposes institutional stablecoin loans through Aave V4's isolated Hub and Spoke design. The proposed loans are collateralized by Bitcoin held with Anchorage under an Account Control Agreement. Approval, availability, and final lending terms are not established; the plan still needs a Snapshot vote and an onchain AIP. What Aave proposes for Aave V4 Bitcoin loans Aave Labs published the ARFC titled "Custodied Collateral Lending: Aave V4 Isolated Hub & Spoke" on September 14, 2026, seeking approval for an institutional stablecoin lending deployment. The design is separate from Aave's standard pooled markets, echoing the protocol's broader V4 direction seen in an earlier V4 proposal on DAO funds and bad debt. What the proposed loans would involve The initial proposed listing is a single Custodied Collateral Token (CoCT) instance representing BTC pledged as collateral. Borrowing would route stablecoins to the borrower atomically, while repayment reduces protocol debt without automatically releasing collateral. For related coverage, see KULR Sells Remaining 764 Bitcoin for $59M, Exits BTC Treasury. The proposal scopes one isolated Hub and one collateral Spoke under Aave DAO governance, with stablecoin liquidity entering through a separate lender-facing Spoke. That isolation walls the market off from reserves on other Hubs, unlike a shared pool such as the Aave USDT0 pool on Monad. A structural listing control sits at the center of the design: the proposal sets a permanent CoCT draw cap of zero for every Spoke on the isolated Hub, alongside non-borrowable CoCT reserves, so collateral receipt tokens cannot be borrowed out. Proposed permanent CoCT draw cap 0 The proposal sets a permanent CoCT draw cap of zero for every Spoke on the isolated Hub, alongside non-borrowable CoCT reserves, to prevent collateral receipt tokens from being borrowed out. This is a proposed control, not evidence of a live market. Source: Aave Labs governance proposal, September 14, 2026. Proposal status and availability The stated governance path is community feedback, a Snapshot vote if sentiment is positive, and an AIP for onchain approval and execution if Snapshot passes. The fetched proposal does not establish completed approval or launch, so the loans are not yet available to borrowers. Bitcoin held with Anchorage: the custody question Bitcoin traded near $75,823, down about 2.35% over 24 hours, at the research snapshot; the proposal itself makes no causal claim on price. BTC has been under pressure this month, having fallen toward $75,000 around a Senate CLARITY Act vote.