Circle has launched Bitcoin-backed USDC borrowing for Mint platform clients through the decentralized lending protocol Morpho. The cirBTC market on Arc holds $14.3 million in USDC borrowed against 287 cirBTC, up from $1.37 million on September 17. Galaxy and Keyrock supply nearly all the loaned dollars. Circle issues the wrapper and wallet, while loan terms are set by Morpho.
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