CryptoSlate and crypto.news give different dollar figures for how much had been borrowed on Circle's Arc cirBTC lending market.
What all sources agree on
- Circle launched Digital Asset-Backed Borrowing for eligible Circle Mint institutional clients on Arc and Ethereum.
- Customers deposit BTC, mint cirBTC, and borrow USDC through Morpho as the first supported lending protocol.
- New York clients are excluded from the product.
- The Arc market carries an 86% liquidation loan-to-value threshold.
- Interest rates, collateral limits, liquidation thresholds and available liquidity are set by the third-party lending protocol, not Circle.
Where the reports disagree
1Dollar amount borrowed on Arc's cirBTC Morpho market
A Sept. 21 snapshot of the Arc market 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.
Live Morpho data viewed Sept. 22 showed $18.86 million in outstanding borrowing against $157.85 million of available liquidity. The market held $176.71 million in total size with utilization at 10.67%.
What would settle it: The live Morpho on-chain market data for the Arc cirBTC/USDC market at the cited timestamps.
What to make of it
Treat the mechanics of the launch (cirBTC minting, Morpho as first lender, New York exclusion, 86% liquidation LTV) as established across all three reports; do not rely on either the $14.13 million or $18.86 million borrowed figure until you check the on-chain Morpho market data directly, since the two published snapshots disagree by more than 30%.
Treat the mechanics of the launch (cirBTC minting, Morpho as first lender, New York exclusion, 86% liquidation LTV) as established across all three reports; do not rely on either the $14.13 million or $18.86 million borrowed figure until you check the on-chain Morpho market data directly, since the two published snapshots disagree by more than 30%.