cirBTC / USDC on Arc
A Morpho market on Arc where people borrow USDC against cirBTC. A loan can be liquidated once it reaches 86% of the collateral's value. Lenders earn 3.44% a year and borrowers pay 3.78% right now.
Data from Morpho's API · updated
Borrow APY
3.78%
30-day average 3.46%
Supply APY
3.44%
30-day average 3.22%
Supplied
$188.5M
188.57M USDC
Borrowed
$171.5M
91.0% utilization
Available to borrow
$16.97M
free liquidity right now
Collateral posted
$275.0M
3.83K cirBTC
cirBTC / USDC rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
cirBTC / USDC interest rate curve
What borrowers would pay at each utilization level, with today's settings
Borrow APY Supply APY
At the 90% target, borrowers pay 2.90% right now. Below it the rate falls to as little as a quarter of that; above it, it climbs to four times that when the market is fully borrowed. The curve itself also moves: while utilization stays above 90% the whole curve drifts up, and below 90% it drifts down. How Morpho interest rates work.
Liquidation map
How much cirBTC collateral could be liquidated if its price fell by each amount
Based on today's loans and today's cirBTC price in USDC. Borrowers who repay or add collateral move these numbers every day.
Risk settings
| Liquidation LTV (LLTV) | 86%fixed for the life of the market |
|---|---|
| Liquidation bonus | 4.38%extra collateral a liquidator receives |
| cirBTC price in USDC | 71.83K USDCthe market's oracle, which liquidations follow |
| Oracle | ChainlinkOracleV20x2AA8…51Ab |
| Price feeds | 0x7777…6aE3 |
| Market fee | Noneshare of interest taken by the protocol |
Details
| Loan asset | USDCprice $0.9997 |
|---|---|
| Collateral | cirBTCprice $71.9K |
| Borrowers | 245 |
| Created | June 12, 2026 |
| Market ID | 0xc2db905f…25815d |
| Rate model | 0xF026…3f20 |
| cirBTC token | 0x171A…bAA0 |
| USDC token | 0x3600…0000 |
Vaults lending here
$163.4M of the $188.5M supplied comes from these vaults
Largest borrowers
245 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0x6EBB…936A | $33.04M | 1.60 |
| 0x8736…ef24 | $27.34M | 1.17 |
| 0xa83d…F1aB | $24.56M | 1.47 |
| 0x0a3F…49d2 | $16.39M | 1.13 |
| 0x1778…7770 | $10.95M | 1.47 |
| 0x933a…2833 | $8.28M | 1.36 |
| 0x3118…48c8 | $8.02M | 1.23 |
| 0xb721…fa38 | $5.31M | 1.16 |
| 0x50Fe…e6B7 | $3.70M | 1.33 |
| 0x8A25…3F78 | $3.60M | 1.72 |
Health is collateral value times the LLTV, divided by the debt. Below 1.00 a loan can be liquidated.
Recent liquidations here
6 in the last 30 days, $29.6K of debt repaid
| When | Debt repaid | Transaction |
|---|---|---|
| $3.3K3.29K USDC | 0xbd38…40d5 | |
| $70.0670.13 USDC | 0xac68…5ad1 | |
| $4.414.42 USDC | 0xd45b…77f7 | |
| $25.7K25.74K USDC | 0xeeb8…43c9 | |
| $371371.57 USDC | 0xc847…c371 | |
| $90.2690.29 USDC | 0xc847…c371 | |
| $7.927.93 USDC | 0x020b…d01c |
About the cirBTC / USDC market
The cirBTC / USDC market on Arc was created on June 12, 2026. Anyone can lend USDC into it, and anyone holding cirBTC can borrow that USDC against it, up to a loan-to-value of 86% (its LLTV), where liquidation starts. Prices come from Chainlink-style price feeds.
Right now $188.5M is supplied and $171.5M borrowed, so 91.0% of the market is in use, backed by $275.0M of cirBTC from 245 borrowers. Borrowers pay 3.78% a year, 3.46% on average over the last 30 days. Lenders earn 3.44%.
8 listed vaults lend here, providing $163.4M of the supply; the largest are Galaxy USDC, Keyrock Prime USDC and Steakhouse Prime USDC. Liquidators who close an unsafe loan here receive a 4.38% bonus in cirBTC. If cirBTC fell 20% against USDC, about $90.14M of collateral would be at risk of liquidation. 6 loans were liquidated here in the last 30 days.
cirBTC / USDC on Arc: quick answers
What is the USDC borrow rate against cirBTC on Morpho Arc?
In this market it is 3.78% a year right now, and it averaged 3.46% over the last 30 days. The rate is variable: it follows how much of the market's USDC is borrowed, rising quickly above 90%.
When are cirBTC / USDC loans liquidated?
When a loan reaches 86% of the collateral's value (the market's LLTV). A liquidator then repays part of the debt and takes cirBTC worth 4.38% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if cirBTC fell to about 41.76K USDC.
How much USDC can be borrowed here right now?
$16.97M is free in the market. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the cirBTC / USDC market?
Lenders earn 3.44% a year right now (3.22% averaged over 30 days). Most lend through vaults, such as Galaxy USDC, Keyrock Prime USDC and Steakhouse Prime USDC, which spread deposits across several markets.
More ways to borrow against cirBTC
Other loan assets with cirBTC as collateral
| Market | Supply APY | Borrow APY |
|---|---|---|
| cirBTC / EURCArc · LLTV 86% | 1.97% | 2.18% |
