TL;DR: Wintermute maintains a USDC market on Wildcat. Lenders in that market receive a token representing their position, which can be wrapped into v-wmtUSDC. On Morpho, Wintermute's Armitage Select vault now accepts v-wmtUSDC as collateral: anyone holding the wrapped token can post it to borrow USDC from the vault.

Current allocation inside Armitage Select: - v-wmtUSDC / USDC: $2.4M allocated - 25M absolute cap - 69.45% utilisation - Sits alongside cbBTC, wBTC, wstETH, stUSDS markets

What changes for a Wildcat lender: wmtUSDC positions used to be a one-way street. You held it, accrued interest, and waited out a withdrawal cycle to exit. The wrapper changes that. v-wmtUSDC is a standard ERC-4626 token, which means any protocol that lists it can treat the position as collateral, route it into a vault strategy, or quote it on a secondary market. Morpho is the first. Post v-wmtUSDC as collateral inside Armitage Select, borrow USDC against it, and the original Wildcat deposit keeps accruing interest underneath: two exposures from one position.

Why this matters for borrowers: Curator demand for a wrapped token is direct demand for the underlying Wildcat market. Wintermute is the proof of concept. The same path is open to any borrower with a live market and a wrapper deployed.

Wrapper contracts for any given Wildcat market are permissionless to deploy if they do not exist already: any Wildcat market token can be wrapped today. However, their listing on @Morpho , @eulerfinance or anywhere else is the curator's call, not ours.

Disclaimer: Undercollateralised lending is risky. No entity involved in Wildcat has conducted credit underwriting, and Wildcat itself is not party to your credit line. Assess counter-party risk before depositing.