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Stablecoin issuer Circle has introduced a Bitcoin-backed lending service—digital asset-collateralized loans—for institutional clients. Eligible Circle Mint customers can use Bitcoin as collateral to borrow USDC, meeting liquidity needs without directly selling their crypto assets. Users are required to deposit Bitcoin into their Circle Mint accounts, converting it into the wrapped token cirBTC, and then deposit cirBTC as collateral into third-party lending markets on the Arc or Ethereum networks. The first supported protocol is Morpho, with lending rates and liquidation thresholds determined by third-party markets. The borrowed USDC will be directly credited to the user's Circle Mint account balance. Currently, this service is not available to customers in New York State.
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