Circle has launched Digital Asset-Backed Borrowing for eligible Circle Mint customers, creating a new institutional use for Bitcoin and USDC. The service enables customers to deposit bitcoin-backed collateral and use USDC without selling their BTC holdings. Under the new service, customers deposit BTC and mint Circle Wrapped Bitcoin, known as cirBTC. They can then supply cirBTC to supported third-party lending markets and borrow USDC into their Circle Mint accounts.