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BTC 借贷流程解析
Circle 推出了数字资产抵押借贷服务，允许符合条件的 Circle Mint 机构将比特币转化为 USDC 贷款。Morpho 是首个支持的借贷协议，Aave 预计随后加入。
该服务在 Arc 和以太坊网络上运行，但纽约州的客户被排除在外。根据 Circle 的公开数据，cirBTC 的储备量目前已超过该代币的流通供应量。Arc 网络上 cirBTC 的借贷市场清算贷款价值比（LTV）阈值为 86%。
具体运作机制
Circle 为持有比特币的机构客户推出了一项新的借贷服务。该服务允许符合条件的 Circle Mint 客户将比特币作为链上抵押品，从而借出 USDC，而无需出售手中的比特币。
Circle 于 9 月 21 日宣布了这一服务的上线。该服务在 Arc 和以太坊两个网络运行，并通过 Circle 的 Mint 账户系统进行操作。客户可以保留对支撑头寸的比特币敞口，这意味着他们无需放弃持仓即可获得美元流动性。
操作流程如下：
- 存入 BTC
- 铸造 cirBTC
- 借出 USDC
通过这一协调一致的工作流，客户可以在 Arc 上的支持第三方借贷市场中，使用由 BTC 支持的 cirBTC 作为抵押品……
详细借贷步骤
要使用该服务，机构需存入比特币并铸造 cirBTC（Circle 对该币种的封装版本）。cirBTC 代币将转入由客户控制的智能钱包中。
随后，客户将 cirBTC 作为抵押品提供给支持的借贷协议，并借出 USDC。借出的 USDC 会自动进入客户的 Circle Mint 余额中。
还款过程则相反。客户从 Mint 发送 USDC 到智能钱包以偿还部分或全部债务，此时抵押品将恢复可用状态。
需要注意的是，Circle 本身并不充当贷款人。其法律条款规定，借贷、抵押品管理和清算均通过第三方协议及其智能合约进行，而非直接由 Circle 操作。
该服务仅限机构使用。零售用户无法开设标准 Mint 账户，且 Circle 已将纽约州的客户排除在该产品之外。
Morpho 市场数据与 cirBTC 储备情况
Morpho 是新服务下首个支持的借贷协议。Circle 表示 Aave 预计随后加入，但目前尚未确定具体日期。
在 Arc 网络上，针对 cirBTC 抵押品的 USDC 借贷 Morpho 市场，其清算贷款价值比阈值为 86%。这意味着如果抵押品价值相对于贷款下降过多，头寸将被自动清算。
A check of data as of September 22 showed that the market had lent amounts of $18.86 million, available liquidity was $157.85 million, and a utilization rate of 10.67%. On the previous day (September 21), the loan amount in the same market was US$14.13 million, the available liquidity was US$162.85 million, and the utilization rate was 7.98%. These data suggest that lending activity increased on the first day of the service's launch.
Circle's reserves dashboard shows that 948.75 cirBTC are outstanding, while the number of bitcoins held in reserves is 951.25. The value of this reserve is approximately US$77.19 million.
The underlying bitcoin is held through Circle's Bermuda subsidiary and is held by Circle National Trust. The trust received a federal charter from the Office of the Comptroller of the Currency (OCC) in July.
Circle first introduced cirBTC on Ethereum in June and expanded it to the Arc network on September 21, five days after the Arc public main network was launched on September 16.
This year, Circle's institutional USDC services have been expanded through other partners. BNY began providing USDC casting, redemption and custody services to institutional customers in June, and Standard Chartered Bank increased bank-led access to the USDC in July.
Market Overview
According to the latest market data, Bitcoin is trading at US$85,892.30, up 2.25% in the past 24 hours. Ethereum traded at US$2,737.96, up 1.47% over the same period.
