Crypto
Circle Introduces Bitcoin-Collateralized USDC Borrowing Service
Circle has introduced Digital Asset-Backed Borrowing, a new service that allows institutional clients to borrow USDC using Bitcoin as collateral.
The service converts Bitcoin into cirBTC, a 1:1 tokenized version of Bitcoin, which is then posted as collateral. Users can then borrow USDC through third-party lending protocols like Morpho, with plans to expand support to Aave in the future.
CirBTC is custodied by Circle National Trust and the service is built on Circle's blockchain Arc and Ethereum network.