Circle Unveils cirBTC, Bringing Bitcoin Liquidity to DeFi

Circle has launched cirBTC, a new asset backed 1:1 by Bitcoin reserves. This product allows institutions to bring Bitcoin liquidity into decentralized finance without selling their holdings.

The launch reflects growing demand for blockchain-based financial products from professional investors.

Circle created cirBTC to solve the problem of Bitcoin's limitations in decentralized finance applications, where smart contract functionality is available on Ethereum but not on Bitcoin.