CirBTC borrowing on Morpho has hit $190 million, with 97.4% of supplied USDC now borrowed in the flagship market, up from just 8.1% at launch on September 21. Circle launched the cirBTC token, backed 1:1 by Bitcoin, to allow institutional clients to borrow USDC against their Bitcoin without selling it. Over $304 million in cirBTC currently backs these borrowing operations, but the bottleneck is USDC liquidity rather than collateral availability. Borrowing costs remain modest at around 2.8% to 2.9% APY, with a liquidation loan-to-value ratio of 86%.
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