Circle just made $BTC a little more useful as collateral
institutions can now deposit BTC, mint cirBTC, use it as collateral on Morpho and borrow USDC without selling their BTC
at first glance, that sounds obviously bullish
and structurally, it probably is
If a BTC holder needs dollar liquidity, they now have another option besides selling spot. That can reduce some marginal sell pressure and makes BTC more useful as a balance-sheet asset
but there’s another side to it
BTC collateral ➛ USD...