Circle has entered the wrapped Bitcoin market with the launch of cirBTC, a product aimed at institutional users such as OTC desks, market makers, and lending protocols. This move is in line with the company's stated product direction for 2026, which focuses on building the internet financial system through stablecoins, payments rails, blockchain infrastructure, and developer tooling.
cirBTC will be backed by BTC reserves that are independently verifiable onchain, making it a more secure option compared to existing wrapped Bitcoin products. The company is pitching cirBTC as a neutral wrapped Bitcoin solution for firms that want Bitcoin exposure inside onchain markets without relying on less transparent structures.