Circle now lets eligible institutions turn Bitcoin into USDC liquidity without selling BTC. Deposited BTC becomes cirBTC collateral for a Morpho loan. Circle handles the access, but Morpho still sets the borrowing rate, collateral limits and liquidation threshold. https://cryptoslate.com/circle-now-lets-institutions-borrow-usdc-against-bitcoin-but-morpho-still-sets-the-rules/