With a flourish of self-importance, Lombard announces its Bitcoin Smart Accounts, a mechanism so ingenious it allows BTC ensconced in the most qualified of custodies-be it multi‑party computation (MPC) or the quaint self‑custody-to serve as onchain collateral across a select list of protocols, such as the lending network Morpho. And yet, mirabile dictu, the legal title and custody remain as unmoved as a country house in the shires. Pilots, we are assured, are already underway with a chosen few custodians, and the great unwashed may expect public availability by Q1 2026. How very kind of them.