Eligible Circle Mint LLC customers can now deposit BTC, mint cirBTC, and borrow USDC through integrated third-party lending markets on Arc and Ethereum.
See how eligible Circle Mint LLC customers can deposit BTC, mint cirBTC, and borrow USDC through integrated lending markets on Arc or Ethereum — without selling any bitcoin (BTC).
Digital Asset-Backed Borrowing (DABB) is now available to eligible Circle Mint LLC customers on Arc and Ethereum. With DABB, bitcoin (BTC) can continue to anchor a long-term treasury strategy while serving as collateral for USDC liquidity.
Through one coordinated workflow, customers can deposit BTC, mint Circle Wrapped Bitcoin (cirBTC), supply cirBTC as collateral through supported third-party lending markets through a wallet you control, and receive borrowed USDC in Circle Mint without selling the BTC that supports the position.
Borrow USDC against BTC in a unified workflow
BTC does not natively interact with smart contracts. Using it in onchain credit markets has traditionally required several separate steps: selecting a wrapped BTC option, moving across platforms, navigating protocol interfaces, and managing settlement back into an institutional account.
Digital Asset-Backed Borrowing unifies those steps:
- Deposit BTC and mint cirBTC.
- Select a supported third-party lending market.
- Supply cirBTC as collateral and borrow USDC.
- Receive USDC directly in the customer’s Circle Mint balance.
- Repay borrowed USDC to release cirBTC collateral.
For treasury teams, fewer handoffs can reduce operational friction and make position initiation easier to incorporate into established controls. Because these open-ended positions are overcollateralized, access is based on collateral and market parameters rather than a traditional unsecured credit underwriting process. Customers can manage their position, add collateral, and repay on their own schedule.
Customer collateral is supplied to supported third-party lending protocols. Borrowing rates, collateral requirements, liquidation thresholds, liquidity, and availability are determined by the selected market and can change. Customers should review each position’s terms and risk parameters before borrowing. Supporting Morpho* markets at launch, DABB is expected to support additional lending markets and third-party platforms over time.
cirBTC is institutional-grade BTC collateral
The tokenized BTC collateral you choose matters. Every cirBTC is backed 1:1 by native BTC with reserves that can be independently verified onchain. The underlying BTC is safeguarded through Circle National Trust, a federally chartered trust bank and qualified custodian.
cirBTC is also designed to be strategically neutral. Circle does not operate a competing centralized exchange (CEX), decentralized exchange (DEX), or lending protocol. Its incentive is singular and straightforward: make cirBTC useful across venues, protocols, and institutional workflows. Market participants that choose cirBTC gain access to a wrapped BTC option designed to fit their own liquidity relationships and operating models.
Combined with USDC and Circle Mint, cirBTC creates a consistent path from BTC custody to tokenized BTC collateral to dollar-denominated liquidity. Institutions can put BTC to work while maintaining the controls, transparency, and account infrastructure their teams already know.
Choose DABB on Arc or Ethereum
Digital Asset-Backed Borrowing launches on two networks with distinct advantages. Arc brings cirBTC and USDC into Circle-designed infrastructure for stablecoin finance. At launch, supported Arc markets are expected to offer competitive USDC borrowing rates — subject to utilization, liquidity, governance parameters, and other changing market conditions. Customers should confirm live rates before opening a collateralized position.
Ethereum provides access to deep and well established onchain lending markets and broad institutional activity. For teams already managing collateral on Morpho, Circle Mint offers a direct way to initiate a cirBTC position and settle borrowed USDC back into their Circle Mint balance.
The choice is operational: use the network and supported market that fit your treasury objectives, borrowing costs, and risk framework. Over time, support for cirBTC and DABB may become available on additional networks — in keeping with Circle’s support for crosschain flows and multichain interoperability.
A strong foundation for broader BTC-backed liquidity
Morpho is the first third-party lending protocol approved for Digital Asset-Backed Borrowing. Support for additional protocols, including Aave, will follow as the product develops, giving eligible customers more ways to use cirBTC across various onchain credit markets on supported blockchain networks.
For institutional BTC holders, this offers a way to keep BTC exposure, access USDC liquidity, and manage the path between them with Circle Mint.
Eligible Circle Mint customers can open a DABB position today.
Not yet a Circle Mint customer? Apply for access.
Circle Mint and money transmission services are provided by Circle Internet Financial, LLC. Circle Internet Financial, LLC, NMLS # 1201441, is a licensed provider of money transmission services. See Circle’s licenses here. Circle Mint is currently available only to institutions and is not available to individuals.
Circle has a commercial relationship with Morpho.
cirBTC is issued by Circle International Bermuda Limited, a Class F Digital Asset Business licensed and regulated by the Bermuda Monetary Authority. Circle Mint and related distribution services are provided by Circle Internet Financial, LLC, NMLS # 1201441.
USDC is issued by regulated affiliates of Circle. See Circle’s list of regulatory authorizations.
Arc is an open L1 blockchain launched by Arc Network Services LLC ("Arc LLC") and operated by a permissioned validator set. Arc LLC provides software services only and does not offer regulated financial or advisory services. Arc has not been reviewed or approved by the New York State Department of Financial Services or any other regulatory authority.
The Arc network is provided "as is" and "as available." Use of Arc involves inherent risks associated with blockchain technology, including smart contract vulnerabilities, network disruptions, and the absence of recourse for transaction errors or losses. The ability to transact on Arc depends on the ability to obtain and use USDC to pay gas fees. Neither Arc LLC nor any permissioned validator is responsible for the content, accuracy, legality, or functionality of third-party applications, protocols, or services built on or integrated with Arc. You are solely responsible for features or services you provide to users, including obtaining any necessary licenses or approvals and otherwise complying with applicable laws.
All Arc features may be modified, delayed, or cancelled at any time without notice. Nothing herein constitutes a commitment, warranty, guarantee or legal, regulatory, tax, or investment advice. Coming soon.
USDC is issued by Circle Internet Financial, LLC (NMLS #1201441) and is a separate product from any custody services provided by Circle National Trust or Circle New York Trust. Circle National Trust is the trade name of First National Digital Currency Bank, N.A., a national trust bank chartered and regulated by the Office of the Comptroller of the Currency (OCC), providing custody of digital assets. Digital assets are not deposits, are not insured by the Federal Deposit Insurance Corporation (FDIC), and may be subject to investment and other risks. Circle National Trust does not accept deposits or make loans.
Digital Asset-Backed Borrowing is provided by Circle Technology Services, LLC through a customer-controlled Smart Wallet and is available to eligible Circle Mint (Circle Internet Financial, LLC) customers excluding New York clients, and subject to jurisdiction and eligibility.
