Arc Blockchain Surpasses $150M in Day-One Deposits with Morpho Lending

Circle's Arc blockchain has gone live with Morpho as its primary lending engine, and the results have been impressive. Day-one deposits surpassed $150 million across USDC and EURC vaults, all borrowed against cirBTC, Circle's 1:1 Bitcoin-backed wrapped token.

The core idea is to hold onto Bitcoin without selling it, yet still access liquidity. cirBTC represents a claim on actual BTC held in segregated custody, which can be deposited as collateral on Morpho's lending markets and borrowed USDC or EURC against it.

Morpho Blue handles variable-rate earn and borrow positions and integrates with APIs designed for fintech applications. Chainlink's proof-of-reserves system verifies that the underlying BTC actually exists in custody.