cirBTC Borrowing on Morpho Tops $190M as Arc Liquidity Tightens

The near-total utilization of supplied USDC against cirBTC marks a structural shift in how the Arc market is being used: it is no longer a passive venue but one where available stablecoin liquidity is effectively exhausted. That matters for borrowers, who face an increasingly tight pool, and for suppliers, who are earning elevated utilization-driven rates. The open question is whether fresh USDC supply arrives fast enough to keep the market functional, or whether the imbalance persists and forces activity elsewhere.