Circle Unveils Wrapped Bitcoin Token for Institutional Use

Circle has launched Circle Wrapped Bitcoin (cirBTC), a new cross-chain asset on Ethereum backed by BTC at a 1:1 ratio. The token is designed for institutional use across DeFi protocols and traditional financial applications.

The launch expands Bitcoin's utility within the ecosystem of Ethereum, allowing BTC holders to use the asset as collateral in supported protocols without having to sell the underlying asset.

Circle International Bermuda Limited, a company licensed by the Bermuda Monetary Authority (BMA), serves as the issuer of the wrapped token. The reserves will be held by a regulated Circle entity and segregated from the company's corporate assets.