Circle didn't start lending anyone USDC #CircleLaunchesInstitutionalBTCBackedBorrowing
what actually launched:
institutions wrap $BTC into cirBTC
Circle National Trust keeps the coins
the cirBTC goes as collateral into a third-party market, $MORPHO
first, Aave only planned
the USDC is borrowed there
🔸 custody: Circle
🔸 the loan and the liquidation rules: the protocol
🔸 LTV, rate, liquidation level: not in the launch coverage
two counterparties for one loan
can't use it anyway, institutions only
my bag is stables, USDC in there too, so I hold the coin that gets borrowed, not the collateral
still want to see that liquidation level)
#Circle
what actually launched:
institutions wrap $BTC into cirBTC
Circle National Trust keeps the coins
the cirBTC goes as collateral into a third-party market, $MORPHO
first, Aave only planned
the USDC is borrowed there
🔸 custody: Circle
🔸 the loan and the liquidation rules: the protocol
🔸 LTV, rate, liquidation level: not in the launch coverage
two counterparties for one loan
can't use it anyway, institutions only
my bag is stables, USDC in there too, so I hold the coin that gets borrowed, not the collateral
still want to see that liquidation level)
#Circle
