CirBTC borrowing on Morpho hits $190 million as USDC liquidity runs thin

Circle's Bitcoin-backed token has pushed utilization in its main Morpho market to 97.4%, up from 8.1% at launch Institutions apparently wanted to borrow against their Bitcoin without selling it. They wanted it badly enough to drain nearly every spare dollar from the pool built for the job. About 97.4% of the USDC supplied to the main cirBTC/USDC market on Morpho is now borrowed. When Circle Mint opened access on Sept. 21, that figure was 8.1%. Three weeks later, the room is almost full. As of Oct.

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