Circle Opens Bitcoin-Backed USDC Borrowing to Mint Clients Through Morpho
Circle Launches Bitcoin-Backed Borrowing for Mint Clients
Circle has opened Bitcoin-backed USDC borrowing to its Mint clients. The loans are routed through the lending protocol Morpho. Circle issues the Bitcoin wrapper and the wallet used in the process, while Morpho handles the loan terms.
Key Numbers
- The cirBTC market on Arc currently holds $14.3 million of USDC borrowed against 287 cirBTC.
- This is up significantly from $1.37 million on September 17.
- Galaxy and Keyrock supply nearly all of the borrowed dollars.
What Is Confirmed
According to The Defiant, Circle issues the wrapped Bitcoin (cirBTC) and the associated wallet, while the loan terms are determined by Morpho. Galaxy and Keyrock are identified as the primary suppliers of USDC in this market. The growth from $1.37 million to $14.3 million in borrowing was reported as occurring between September 17 and the time of publication.
Why This Matters
This arrangement allows institutional clients on Circle's Mint platform to borrow USDC stablecoins by using Bitcoin as collateral, with the lending mechanics handled by Morpho. It represents a growing intersection between centralized stablecoin issuers and decentralized lending protocols.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.
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