Circle targets wrapped Bitcoin market with new cirBTC product
Circle has introduced cirBTC, a 1:1 Bitcoin-backed token designed to provide institutional users with secure, transparent access to tokenized Bitcoin.Summary
Circle has launched cirBTC, a new wrapped Bitcoin product aimed at institutional clients such as market makers and lending protocols. The asset is backed 1:1 by Bitcoin, with reserves that are independently verifiable onchain to ensure transparency and security. Initially launching on Ethereum and Circle’s Arc blockchain, the product integrates with the company’s existing infrastructure, including USDC and Circle Mint.
This move represents a strategic expansion for Circle beyond its core stablecoin business, aligning with its goal to build a comprehensive internet financial system. By entering the wrapped Bitcoin market, Circle aims to compete with established incumbents like WBTC and cbBTC, offering a neutral alternative for firms seeking Bitcoin exposure for trading, collateral, and settlement purposes.
(Source：Crypto Briefing)