Circle Expands Bitcoin-Backed USDC Borrowing Through Morpho

cirBTC-backed USDC borrowing on Arc reportedly rose from approximately $1.37M to $14.3M in five days, with Galaxy and Keyrock supplying much of the liquidity. The increase may signal rising leverage and liquidation risk, but there is no evidence of dependable yield; monitor utilization, collateral volatility, supplier concentration, and repayment behavior.