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cryptoJun 9, 2026, 12:31 PM

Circle Launches Wrapped Bitcoin cirBTC on Ethereum

Circle has introduced cirBTC, a 1:1 Bitcoin-backed wrapped token on Ethereum, targeting institutional use cases including DeFi, OTC trading, market making, treasury transfers, and settlements.

BTCUSD

Circle, the issuer of USDC, has launched a wrapped Bitcoin token called cirBTC on the Ethereum network. The token is backed 1:1 by Bitcoin held with a regulated Circle entity, segregated from corporate funds.

The company positions cirBTC for institutional applications: decentralized finance (DeFi), over-the-counter (OTC) trading, market making, treasury transfers, and settlement operations. Issuance and redemption are handled through Circle Mint.

This move expands Circle's tokenized asset offerings beyond stablecoins, directly competing with existing wrapped Bitcoin products like WBTC.

Source: ForkLog