Circle is making waves by letting institutions unlock USDC liquidity directly using Bitcoin as collateral, but there is a catch. While the Mint workflow streamlines operations, Morpho protocol handles the actual rules and liquidation risks. This move highlights a growing trend of traditional stablecoin issuers partnering with DeFi infrastructure to scale institutional borrowing without taking on direct credit exposure themselves. Smart division of labor, or added systemic complexity? $USDC $BTC #Circle #DeFi #Bitcoin