CryptoSlate and crypto.news give different dollar figures for how much had been borrowed on Circle's Arc cirBTC lending market.
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%.
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