Arc draws $90M in USDC borrowing against cirBTC within days of launch
- —USDC borrowing against cirBTC rose from $1.37M to over $90M in roughly three days
- —cirBTC is backed 1:1 by Bitcoin at Circle National Trust with Chainlink Proof of Reserve
- —Galaxy and Keyrock serve as primary liquidity providers to Morpho Blue lending pools
- —New York-based clients are excluded from the Digital Asset-Backed Borrowing program
Why it matters: The rapid scaling signals institutional demand for Bitcoin-backed borrowing without selling BTC, expanding stablecoins' role in credit markets.
Source: Crypto Briefing