{"id":564699,"date":"2026-09-22T04:40:51","date_gmt":"2026-09-22T03:40:51","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=564699"},"modified":"2026-09-21T22:03:13","modified_gmt":"2026-09-21T21:03:13","slug":"circle-now-lets-institutions-borrow-usdc-against-bitcoin-but-morpho-still-sets-the-rules","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/circle-now-lets-institutions-borrow-usdc-against-bitcoin-but-morpho-still-sets-the-rules\/","title":{"rendered":"Circle launches Bitcoin-backed USDC borrowing, leaving liquidation risk with Morpho protocol"},"content":{"rendered":"<p>Eligible Circle Mint institutions can now deposit Bitcoin, turn it into wrapped cirBTC collateral, and borrow USDC through a Morpho lending market in one coordinated workflow.<\/p>\n<p>Circle made the service live on Arc and Ethereum on Sept. 21, reducing the number of systems a treasury team must navigate to raise dollar liquidity without selling its Bitcoin.<\/p>\n<p>The service remains limited to eligible institutions, excludes New York clients, and is subject to jurisdiction and eligibility. Circle Mint is the account interface, cirBTC is <a href=\"https:\/\/cryptoslate.com\/companies\/circle\/\">Circle's<\/a> tokenized claim backed by <a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">native Bitcoin<\/a>, and Morpho supplies the third-party lending market.<\/p>\n<p>Under Circle's <a href=\"https:\/\/www.circle.com\/blog\/digital-asset-backed-borrowing-is-now-available-in-circle-mint\">Digital Asset-Backed Borrowing<\/a> service, customers deposit native BTC, mint cirBTC, and supply the token as collateral through a customer-controlled wallet. Borrowed <a href=\"https:\/\/cryptoslate.com\/coins\/usd-coin\/\">USDC<\/a> then settles into the customer's Circle Mint balance.<\/p>\n<p>Circle coordinates the experience, but the selected market determines borrowing costs, collateral limits, liquidation thresholds, available liquidity, and availability. <a href=\"https:\/\/docs.morpho.org\/learn\/concepts\/blue\/\">Morpho's documentation<\/a> describes each market as its own combination of loan asset, collateral, oracle, interest-rate model, and liquidation loan-to-value limit.<\/p>\n<p>For a treasury team, the streamlined interface does not remove the need to monitor collateral values, utilization, and borrowing costs. A position can become liquidatable even though the underlying Bitcoin was never sold, because cirBTC sits in the <a href=\"https:\/\/cryptoslate.com\/markets\/\">lending market<\/a>.<\/p>\n\n<div class=\"cs-article-embed\">\n    <a href=\"https:\/\/cryptoslate.com\/aave-v4s-arc-market-is-swimming-in-76-million-of-usdc-nobody-is-borrowing\/\" class=\"cs-article-embed__link\">\n        <div class=\"cs-article-embed__body\">\n            <span class=\"cs-article-embed__related-reading\">Related Reading<\/span>\n            <h3 class=\"cs-article-embed__title\">Aave V4\u2019s Arc market is swimming in $76 million of USDC nobody is borrowing<\/h3>\n        <\/div>\n        <span class=\"cs-article-embed__arrow\" aria-hidden=\"true\">\n            <i class=\"fa-light fa-arrow-up-right\"><\/i>\n        <\/span>\n    <\/a>\n<\/div>\n\n<p>A <a href=\"https:\/\/app.morpho.org\/arc\/variable\/0xc2db905f174e5defcce01d321b09f15f78856a36a21b90cc7e1abbc29225815d\/usdc-cirbtc\">Sept. 21 snapshot of the Arc market<\/a> for USDC loans against cirBTC displayed an 86% liquidation loan-to-value limit. It showed $14.13 million borrowed, $162.85 million in available liquidity, a $176.99 million market size and 7.98% utilization. At least one borrow appeared in the activity log that day.<\/p>\n<p>Those figures show the Arc market was operating, but they are a point-in-time snapshot and do not apply to Ethereum.<\/p>\n<figure id=\"attachment_564708\" aria-describedby=\"caption-attachment-564708\" style=\"width: 720px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/09\/exec-101b55af-0970-4377-8b75-32c1edb24156.png\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-564708\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/09\/exec-101b55af-0970-4377-8b75-32c1edb24156.png\" alt=\"Flow diagram showing five steps from depositing Bitcoin to receiving USDC in Circle Mint, with Morpho market risks and an Arc market snapshot.\" width=\"720\" height=\"900\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/09\/exec-101b55af-0970-4377-8b75-32c1edb24156.png 1122w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/09\/exec-101b55af-0970-4377-8b75-32c1edb24156-240x300.png 240w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/09\/exec-101b55af-0970-4377-8b75-32c1edb24156-819x1024.png 819w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/09\/exec-101b55af-0970-4377-8b75-32c1edb24156-768x960.png 768w\" sizes=\"(max-width: 720px) 100vw, 720px\" \/><\/a><figcaption id=\"caption-attachment-564708\" class=\"wp-caption-text\">Circle Mint lets eligible institutions convert deposited Bitcoin into cirBTC collateral and borrow USDC through Morpho, leaving market risk with the lending venue.<\/figcaption><\/figure>\n<p>Circle's <a href=\"https:\/\/www.circle.com\/cirbtc\">reserve dashboard<\/a> reported 948.75081803 cirBTC outstanding against 951.25857454 BTC in reserves as of Sept. 20. About 397 cirBTC was on Arc, and about 552 was on Ethereum.<\/p>\n<p>Arc, Circle's layer-1 network, is also run by a permissioned validator set, another distinction for institutions choosing among the supported networks.<\/p>\n<p>The launch shortens the path from held Bitcoin to USDC, but it does not turn variable DeFi credit into a fixed Circle loan. Whether the service drives lasting cirBTC demand will depend on continued borrowing activity and market terms after the launch-day snapshot.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Mint workflow removes operational steps, while variable market terms and liquidation risk remain with the third-party lender.<\/p>\n","protected":false},"author":1264,"featured_media":564705,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46940,77968,60035,32631],"tags":[81073,76769,76920,72190,78062,76824],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Circle launches Bitcoin-backed USDC borrowing, leaving liquidation risk with Morpho protocol<\/title>\n<meta name=\"description\" content=\"The Mint workflow removes operational steps, while variable market terms and liquidation risk remain with the third-party lender.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/circle-now-lets-institutions-borrow-usdc-against-bitcoin-but-morpho-still-sets-the-rules\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Circle launches Bitcoin-backed USDC borrowing, leaving liquidation risk with Morpho protocol\" \/>\n<meta property=\"og:description\" content=\"The Mint workflow removes operational steps, while variable market terms and liquidation risk remain with the third-party lender.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/circle-now-lets-institutions-borrow-usdc-against-bitcoin-but-morpho-still-sets-the-rules\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2026-09-22T03:40:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-09-21T21:03:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/09\/circle-bitcoin-usdc-borrowing.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Liam &#039;Akiba&#039; Wright\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@akibablade\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Liam 'Akiba' Wright\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/circle-now-lets-institutions-borrow-usdc-against-bitcoin-but-morpho-still-sets-the-rules\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/circle-now-lets-institutions-borrow-usdc-against-bitcoin-but-morpho-still-sets-the-rules\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/liam-akiba-wright\/#person\",\"name\":\"Liam 'Akiba' Wright\",\"url\":\"https:\/\/cryptoslate.com\/author\/liam-akiba-wright\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/liam-akiba-wright\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/liam-akiba-wright\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-liam-akiba-wright-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-liam-akiba-wright-300x300.jpg\",\"caption\":\"Liam 'Akiba' Wright\"},\"jobTitle\":\"Editor-in-Chief\",\"description\":\"Liam \u201cAkiba\u201d Wright is CryptoSlate\u2019s Editor-in-Chief, reporter and podcast producer, focused on decentralized tech\u2019s positive impact.\",\"worksFor\":{\"@id\":\"https:\/\/cryptoslate.com\/#organization\"},\"sameAs\":[\"https:\/\/www.akiba.gg\",\"https:\/\/x.com\/akibablade\",\"https:\/\/www.linkedin.com\/in\/liamandrewwright\",\"https:\/\/muckrack.com\/liam-wright\"]},\"headline\":\"Circle launches Bitcoin-backed USDC borrowing, leaving liquidation risk with Morpho protocol\",\"datePublished\":\"2026-09-22T03:40:51+00:00\",\"dateModified\":\"2026-09-22T03:40:51+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/circle-now-lets-institutions-borrow-usdc-against-bitcoin-but-morpho-still-sets-the-rules\/\"},\"wordCount\":412,\"publisher\":{\"@id\":\"https:\/\/cryptoslate.com\/#organization\"},\"keywords\":[\"Bitcoin\",\"BTC\",\"Circle\",\"ethereum\",\"usd coin\",\"USDC\"],\"articleSection\":[\"DeFi\",\"Featured\",\"Lending\",\"Stablecoins\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2026\",\"copyrightHolder\":{\"@id\":\"https:\/\/cryptoslate.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/cryptoslate.com\/circle-now-lets-institutions-borrow-usdc-against-bitcoin-but-morpho-still-sets-the-rules\/\",\"url\":\"https:\/\/cryptoslate.com\/circle-now-lets-institutions-borrow-usdc-against-bitcoin-but-morpho-still-sets-the-rules\/\",\"name\":\"Circle launches Bitcoin-backed USDC borrowing, leaving liquidation risk with Morpho protocol\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/#website\"},\"datePublished\":\"2026-09-22T03:40:51+00:00\",\"dateModified\":\"2026-09-22T03:40:51+00:00\",\"description\":\"The Mint workflow removes operational steps, while variable market terms and liquidation risk remain with the third-party lender.\",\"breadcrumb\":{\"@id\":\"https:\/\/cryptoslate.com\/circle-now-lets-institutions-borrow-usdc-against-bitcoin-but-morpho-still-sets-the-rules\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/cryptoslate.com\/circle-now-lets-institutions-borrow-usdc-against-bitcoin-but-morpho-still-sets-the-rules\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/cryptoslate.com\/circle-now-lets-institutions-borrow-usdc-against-bitcoin-but-morpho-still-sets-the-rules\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/cryptoslate.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Circle launches Bitcoin-backed USDC borrowing, leaving liquidation risk with Morpho protocol\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/cryptoslate.com\/#website\",\"url\":\"https:\/\/cryptoslate.com\/\",\"name\":\"CryptoSlate\",\"description\":\"Cryptocurrency News and Real-time Coin Data\",\"publisher\":{\"@id\":\"https:\/\/cryptoslate.com\/#organization\"},\"inLanguage\":\"en-US\"},{\"@type\":\"NewsMediaOrganization\",\"@id\":\"https:\/\/cryptoslate.com\/#organization\",\"name\":\"CryptoSlate\",\"url\":\"https:\/\/cryptoslate.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/cryptoslate.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/05\/c-logo.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/05\/c-logo.jpg\",\"width\":1000,\"height\":1000,\"caption\":\"CryptoSlate\"},\"image\":{\"@id\":\"https:\/\/cryptoslate.com\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/twitter.com\/cryptoslate\",\"https:\/\/www.instagram.com\/cryptoslate\",\"https:\/\/www.linkedin.com\/company\/cryptoslate\",\"https:\/\/www.youtube.com\/c\/cryptoslate\",\"https:\/\/t.me\/cryptoslatenews\",\"https:\/\/www.crunchbase.com\/organization\/cryptoslate\",\"https:\/\/iq.wiki\/wiki\/cryptoslate\",\"https:\/\/news.google.com\/publications\/CAAqKggKIiRDQklTRlFnTWFoRUtEMk55ZVhCMGIzTnNZWFJsTG1OdmJTZ0FQAQ\",\"https:\/\/muckrack.com\/media-outlet\/cryptoslate\",\"https:\/\/www.tiktok.com\/@cryptoslatenews\"],\"publishingPrinciples\":\"https:\/\/cryptoslate.com\/disclaimers\/editorial-policy\/#editorial-principles\",\"ownershipFundingInfo\":\"https:\/\/cryptoslate.com\/disclaimers\/how-cryptoslate-makes-and-spends-money\/\",\"correctionsPolicy\":\"https:\/\/cryptoslate.com\/disclaimers\/editorial-policy\/#corrections-feedback\",\"ethicsPolicy\":\"https:\/\/cryptoslate.com\/disclaimers\/editorial-policy\/#editorial-principles\",\"foundingDate\":\"2017-08-04\",\"founder\":[{\"@type\":\"Person\",\"name\":\"Nate Whitehill\"},{\"@type\":\"Person\",\"name\":\"Matthew Blancarte\"}],\"contactPoint\":[{\"@type\":\"ContactPoint\",\"contactType\":\"customer support\",\"url\":\"https:\/\/cryptoslate.com\/contact\/\",\"availableLanguage\":\"en-US\"},{\"@type\":\"ContactPoint\",\"contactType\":\"sales\",\"url\":\"https:\/\/cryptoslate.com\/contact\/?topic=advertising#contact-form\",\"availableLanguage\":\"en-US\"},{\"@type\":\"ContactPoint\",\"contactType\":\"newsroom\",\"url\":\"https:\/\/cryptoslate.com\/disclaimers\/editorial-policy\/#corrections-feedback\",\"email\":\"tips@cryptoslate.com\",\"availableLanguage\":\"en-US\"}],\"masthead\":\"https:\/\/cryptoslate.com\/about\/#masthead\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/#\/schema\/person\/ea2b02b41a7478e18d903ca8eec4979e\",\"name\":\"Liam 'Akiba' Wright\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/cryptoslate.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-liam-akiba-wright-150x150.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-liam-akiba-wright-150x150.jpg\",\"caption\":\"Liam 'Akiba' Wright\"},\"description\":\"Also known as \\\"Akiba,\\\" Liam Wright is the Editor-in-Chief at CryptoSlate and host of the SlateCast. He believes that together decentralized blockchain and AI technology have the potential to make widespread positive change.\",\"sameAs\":[\"https:\/\/www.akiba.gg\",\"https:\/\/www.instagram.com\/akibablade\",\"https:\/\/twitter.com\/akibablade\"],\"award\":[\"Most improved footballer - 1992\"],\"knowsAbout\":[\"Python\",\"Javascript\",\"PHP\",\"HTML\",\"Agentic Software\",\"Machine Learning\",\"2000s emo music\",\"Manchester United\"],\"knowsLanguage\":[\"English\",\"Spanish\"],\"url\":\"https:\/\/cryptoslate.com\/author\/liam-akiba-wright\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Circle launches Bitcoin-backed USDC borrowing, leaving liquidation risk with Morpho protocol","description":"The Mint workflow removes operational steps, while variable market terms and liquidation risk remain with the third-party lender.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/cryptoslate.com\/circle-now-lets-institutions-borrow-usdc-against-bitcoin-but-morpho-still-sets-the-rules\/","og_locale":"en_US","og_type":"article","og_title":"Circle launches Bitcoin-backed USDC borrowing, leaving liquidation risk with Morpho protocol","og_description":"The Mint workflow removes operational steps, while variable market terms and liquidation risk remain with the third-party lender.","og_url":"https:\/\/cryptoslate.com\/circle-now-lets-institutions-borrow-usdc-against-bitcoin-but-morpho-still-sets-the-rules\/","og_site_name":"CryptoSlate","article_published_time":"2026-09-22T03:40:51+00:00","article_modified_time":"2026-09-21T21:03:13+00:00","og_image":[{"width":1280,"height":720,"url":"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/09\/circle-bitcoin-usdc-borrowing.webp","type":"image\/webp"}],"author":"Liam 'Akiba' Wright","twitter_card":"summary_large_image","twitter_creator":"@akibablade","twitter_site":"@cryptoslate","twitter_misc":{"Written by":"Liam 'Akiba' Wright","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/cryptoslate.com\/circle-now-lets-institutions-borrow-usdc-against-bitcoin-but-morpho-still-sets-the-rules\/#article","isPartOf":{"@id":"https:\/\/cryptoslate.com\/circle-now-lets-institutions-borrow-usdc-against-bitcoin-but-morpho-still-sets-the-rules\/"},"author":{"@type":"Person","@id":"https:\/\/cryptoslate.com\/author\/liam-akiba-wright\/#person","name":"Liam 'Akiba' Wright","url":"https:\/\/cryptoslate.com\/author\/liam-akiba-wright\/","mainEntityOfPage":{"@id":"https:\/\/cryptoslate.com\/author\/liam-akiba-wright\/"},"image":{"@type":"ImageObject","@id":"https:\/\/cryptoslate.com\/author\/liam-akiba-wright\/#authorimage","url":"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-liam-akiba-wright-300x300.jpg","contentUrl":"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-liam-akiba-wright-300x300.jpg","caption":"Liam 'Akiba' Wright"},"jobTitle":"Editor-in-Chief","description":"Liam \u201cAkiba\u201d Wright is CryptoSlate\u2019s Editor-in-Chief, reporter and podcast producer, focused on decentralized tech\u2019s positive impact.","worksFor":{"@id":"https:\/\/cryptoslate.com\/#organization"},"sameAs":["https:\/\/www.akiba.gg","https:\/\/x.com\/akibablade","https:\/\/www.linkedin.com\/in\/liamandrewwright","https:\/\/muckrack.com\/liam-wright"]},"headline":"Circle launches Bitcoin-backed USDC borrowing, leaving liquidation risk with Morpho protocol","datePublished":"2026-09-22T03:40:51+00:00","dateModified":"2026-09-22T03:40:51+00:00","mainEntityOfPage":{"@id":"https:\/\/cryptoslate.com\/circle-now-lets-institutions-borrow-usdc-against-bitcoin-but-morpho-still-sets-the-rules\/"},"wordCount":412,"publisher":{"@id":"https:\/\/cryptoslate.com\/#organization"},"keywords":["Bitcoin","BTC","Circle","ethereum","usd coin","USDC"],"articleSection":["DeFi","Featured","Lending","Stablecoins"],"inLanguage":"en-US","copyrightYear":"2026","copyrightHolder":{"@id":"https:\/\/cryptoslate.com\/#organization"}},{"@type":"WebPage","@id":"https:\/\/cryptoslate.com\/circle-now-lets-institutions-borrow-usdc-against-bitcoin-but-morpho-still-sets-the-rules\/","url":"https:\/\/cryptoslate.com\/circle-now-lets-institutions-borrow-usdc-against-bitcoin-but-morpho-still-sets-the-rules\/","name":"Circle launches Bitcoin-backed USDC borrowing, leaving liquidation risk with Morpho protocol","isPartOf":{"@id":"https:\/\/cryptoslate.com\/#website"},"datePublished":"2026-09-22T03:40:51+00:00","dateModified":"2026-09-22T03:40:51+00:00","description":"The Mint workflow removes operational steps, while variable market terms and liquidation risk remain with the third-party lender.","breadcrumb":{"@id":"https:\/\/cryptoslate.com\/circle-now-lets-institutions-borrow-usdc-against-bitcoin-but-morpho-still-sets-the-rules\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/cryptoslate.com\/circle-now-lets-institutions-borrow-usdc-against-bitcoin-but-morpho-still-sets-the-rules\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/cryptoslate.com\/circle-now-lets-institutions-borrow-usdc-against-bitcoin-but-morpho-still-sets-the-rules\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/cryptoslate.com\/"},{"@type":"ListItem","position":2,"name":"Circle launches Bitcoin-backed USDC borrowing, leaving liquidation risk with Morpho protocol"}]},{"@type":"WebSite","@id":"https:\/\/cryptoslate.com\/#website","url":"https:\/\/cryptoslate.com\/","name":"CryptoSlate","description":"Cryptocurrency News and Real-time Coin Data","publisher":{"@id":"https:\/\/cryptoslate.com\/#organization"},"inLanguage":"en-US"},{"@type":"NewsMediaOrganization","@id":"https:\/\/cryptoslate.com\/#organization","name":"CryptoSlate","url":"https:\/\/cryptoslate.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/cryptoslate.com\/#\/schema\/logo\/image\/","url":"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/05\/c-logo.jpg","contentUrl":"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/05\/c-logo.jpg","width":1000,"height":1000,"caption":"CryptoSlate"},"image":{"@id":"https:\/\/cryptoslate.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/twitter.com\/cryptoslate","https:\/\/www.instagram.com\/cryptoslate","https:\/\/www.linkedin.com\/company\/cryptoslate","https:\/\/www.youtube.com\/c\/cryptoslate","https:\/\/t.me\/cryptoslatenews","https:\/\/www.crunchbase.com\/organization\/cryptoslate","https:\/\/iq.wiki\/wiki\/cryptoslate","https:\/\/news.google.com\/publications\/CAAqKggKIiRDQklTRlFnTWFoRUtEMk55ZVhCMGIzTnNZWFJsTG1OdmJTZ0FQAQ","https:\/\/muckrack.com\/media-outlet\/cryptoslate","https:\/\/www.tiktok.com\/@cryptoslatenews"],"publishingPrinciples":"https:\/\/cryptoslate.com\/disclaimers\/editorial-policy\/#editorial-principles","ownershipFundingInfo":"https:\/\/cryptoslate.com\/disclaimers\/how-cryptoslate-makes-and-spends-money\/","correctionsPolicy":"https:\/\/cryptoslate.com\/disclaimers\/editorial-policy\/#corrections-feedback","ethicsPolicy":"https:\/\/cryptoslate.com\/disclaimers\/editorial-policy\/#editorial-principles","foundingDate":"2017-08-04","founder":[{"@type":"Person","name":"Nate Whitehill"},{"@type":"Person","name":"Matthew Blancarte"}],"contactPoint":[{"@type":"ContactPoint","contactType":"customer support","url":"https:\/\/cryptoslate.com\/contact\/","availableLanguage":"en-US"},{"@type":"ContactPoint","contactType":"sales","url":"https:\/\/cryptoslate.com\/contact\/?topic=advertising#contact-form","availableLanguage":"en-US"},{"@type":"ContactPoint","contactType":"newsroom","url":"https:\/\/cryptoslate.com\/disclaimers\/editorial-policy\/#corrections-feedback","email":"tips@cryptoslate.com","availableLanguage":"en-US"}],"masthead":"https:\/\/cryptoslate.com\/about\/#masthead"},{"@type":"Person","@id":"https:\/\/cryptoslate.com\/#\/schema\/person\/ea2b02b41a7478e18d903ca8eec4979e","name":"Liam 'Akiba' Wright","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/cryptoslate.com\/#\/schema\/person\/image\/","url":"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-liam-akiba-wright-150x150.jpg","contentUrl":"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-liam-akiba-wright-150x150.jpg","caption":"Liam 'Akiba' Wright"},"description":"Also known as \"Akiba,\" Liam Wright is the Editor-in-Chief at CryptoSlate and host of the SlateCast. He believes that together decentralized blockchain and AI technology have the potential to make widespread positive change.","sameAs":["https:\/\/www.akiba.gg","https:\/\/www.instagram.com\/akibablade","https:\/\/twitter.com\/akibablade"],"award":["Most improved footballer - 1992"],"knowsAbout":["Python","Javascript","PHP","HTML","Agentic Software","Machine Learning","2000s emo music","Manchester United"],"knowsLanguage":["English","Spanish"],"url":"https:\/\/cryptoslate.com\/author\/liam-akiba-wright\/"}]}},"_links":{"self":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/564699"}],"collection":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/users\/1264"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/comments?post=564699"}],"version-history":[{"count":4,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/564699\/revisions"}],"predecessor-version":[{"id":564731,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/564699\/revisions\/564731"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media\/564705"}],"wp:attachment":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media?parent=564699"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/categories?post=564699"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/tags?post=564699"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/post_folder?post=564699"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}