Circle introduces cirBTC, a 1:1 backed wrapped Bitcoin token that provides real-time on-chain reserve verification, enabling institutional exposure to Bitcoin across DeFi and TradFi.

cirBTC will launch on Ethereum mainnet and Circle’s Arc stablecoin blockchain, leveraging existing Circle infrastructure and integrations with USDC and Circle Mint.

This move marks Circle’s expansion beyond fiat stablecoins into major crypto assets to support on-chain BTC use cases.

Important risk disclosures note price volatility of digital assets, absence of legal tender status, no deposit insurance, and suitability concerns for some consumers.

Circle’s stock (CRCL) traded around $90, down modestly on the day, after a roughly 40% decline over six months.

The token emphasizes institutional use—OTC desks, market makers, and lending protocols—with a focus on neutrality, security, and high performance.

cirBTC enters a competitive landscape with existing wrapped BTCs like WBTC and cbBTC, which collectively total several billion in market cap.

cirBTC enables institutional holders to gain Bitcoin exposure through DeFi and TradFi without selling their BTC holdings.

Target users include OTC desks, market makers, lending protocols, derivatives platforms, and liquidity providers seeking secure collateral or settlement assets across crypto-native and traditional finance environments.

The product is aimed at institutions with custody risk and transparency concerns that have historically limited participation in digital assets.

The wrapped BTC space has faced controversy, including past disputes over custodian partnerships and delistings, though litigation related to one project was later dropped.

The announcement was shared by Circle’s leadership on social media and caught attention from crypto media outlets analyzing its implications.