Circle Launches Bitcoin-Backed USDC Borrowing for Institutional Clients as Coinbase Rolls Out Similar Product
Updated — view changes (3)
· body · New information from a source
Circle has opened Bitcoin-backed borrowing to institutional clients, enabling them to access USDC liquidity by pledging BTC as collateral.The cirBTC market on Arc currently holds $14.3 million of USDC borrowed against 287 cirBTC, with Galaxy and Keyrock supplying nearly all the dollars.Morpho handles the loan terms while Circle issues the wrapper and wallet.- Circle has launched Bitcoin-backed USDC borrowing for institutional clients, letting them access dollar liquidity without selling their BTC, according to Cointelegraph.
- The product is aimed at Circle's Mint clients and is routed through Morpho, with Circle issuing the cirBTC wrapper and the wallet while loan terms are handled by Morpho, according to The Defiant.
- The cirBTC market on Arc held $14.3 million of USDC borrowed against 287 cirBTC, up from $1.37 million on Sept. 17, per The Defiant.
- Galaxy and Keyrock supply nearly all of the dollars in the market, The Defiant reported.
- Separately, Coinbase has added fixed-rate bitcoin-backed loans through a product called Morpho Midnight, allowing users to borrow USDC against their bitcoin holdings, according to The Block.
- Both moves point to institutional and retail crypto platforms building out Bitcoin-collateralized credit markets on top of Morpho's lending infrastructure, with Circle targeting institutional Mint clients and Coinbase offering the feature to its broader user base.
· summary · New information from a source
Circle now lets institutions borrow USDC against Bitcoin holdings without selling, routed through Morpho.- Circle now lets institutional Mint clients borrow USDC against Bitcoin via Morpho, while Coinbase separately launched fixed-rate BTC-backed loans through Morpho Midnight.
· headline · New information from a source
Circle launches Bitcoin-backed USDC borrowing for institutional clients through Morpho- Circle Launches Bitcoin-Backed USDC Borrowing for Institutional Clients as Coinbase Rolls Out Similar Product
Every change made to this story after publication is recorded here automatically. A factual error gets a correction as well, on the corrections page.
Circle has launched Bitcoin-backed USDC borrowing for institutional clients, letting them access dollar liquidity without selling their BTC, according to Cointelegraph.
The product is aimed at Circle’s Mint clients and is routed through Morpho, with Circle issuing the cirBTC wrapper and the wallet while loan terms are handled by Morpho, according to The Defiant. The cirBTC market on Arc held The cirBTC market on Arc holds $14.3 million of USDC borrowed against 287 cirBTC, up from $1.37 million on Sept. 17.
of USDC borrowed against 287 cirBTC, up from The cirBTC market on Arc holds $14.3 million of USDC borrowed against 287 cirBTC, up from $1.37 million on Sept. 17.
on Sept. 17, per The Defiant. Galaxy and Keyrock supply nearly all of the dollars in the market, The Defiant reported.
Separately, Coinbase has added fixed-rate bitcoin-backed loans through a product called Morpho Midnight, allowing users to borrow USDC against their bitcoin holdings, according to The Block.
Both moves point to institutional and retail crypto platforms building out Bitcoin-collateralized credit markets on top of Morpho’s lending infrastructure, with Circle targeting institutional Mint clients and Coinbase offering the feature to its broader user base.
Sources: Cointelegraph, The Defiant, The Block
This article is for information only and is not financial advice.
What the market did
Each figure is this site’s own reading, with what it was measured against. A blank is a reading nobody took, not a zero. The before-the-headline window prints the rate a RANDOM hour clears the same bar, because a hit rate without its null is not a finding.
Story so far 2 updates
- digestCircle launches Bitcoin-backed USDC borrowing for institutional clients through Morphofirst reported · 2 sourcescointelegraph.com · thedefiant.io
- storyCircle Launches Bitcoin-Backed USDC Borrowing for Institutional Clients as Coinbase Rolls Out Similar Productupdate · 3 sourcescointelegraph.com · thedefiant.io · theblock.co
Cite this
Archived copy · an independent capture of this page at the Internet Archive, kept so this report can be checked against what it said on the day
← more bytes
