Circle Enters Wrapped Bitcoin Market with New cirBTC Product

Circle, a leading digital asset company, has introduced cirBTC, a new wrapped Bitcoin product designed for institutional users. The token is backed 1:1 by Bitcoin and features onchain-verifiable reserves, making it an attractive option for those seeking to use Bitcoin in decentralized finance applications.

The launch of cirBTC marks Circle's entry into the growing market of wrapped Bitcoin products, which allow holders to use Bitcoin in blockchain ecosystems where native Bitcoin cannot operate directly with smart contracts. The company aims to provide a neutral and transparent alternative for firms seeking access to Bitcoin-based liquidity in tokenized markets.

Circle has framed cirBTC as a product that builds on the infrastructure used for its stablecoins, such as USDC and EURC, and is designed to give institutions a way to use Bitcoin in onchain finance without depending on structures that may offer less visibility into reserves and custody arrangements.