Circle has officially launched cirBTC on Ethereum, a new wrapped Bitcoin token backed 1:1 by native BTC reserves, aiming to bring institutional-grade Bitcoin collateral into decentralized finance. The announcement, made on June 8, 2026, confirmed that each cirBTC token is fully backed by Bitcoin held in regulated custody, with reserve transparency provided by Chainlink Proof of Reserve. The system allows continuous onchain verification of backing through multiple Bitcoin wallet addresses, giving trading firms, protocols, and risk teams visibility into reserves.
According to Circle, the launch reflects growing demand from professional investors for secure ways to deploy Bitcoin capital without selling their holdings. The token enables institutions to use Bitcoin as productive collateral within Ethereum’s DeFi ecosystem—accessing lending, borrowing, and liquidity pools while maintaining exposure to BTC price movements. Every cirBTC token maintains full 1:1 Bitcoin backing, ensuring that native BTC remains in custody while the wrapped asset moves through onchain financial applications.
The debut places Circle amid an already competitive wrapped Bitcoin market. BitGo’s Wrapped Bitcoin (WBTC) leads with roughly $8 billion in market capitalization, while Coinbase Wrapped Bitcoin (cbBTC) holds about $5.9 billion following its September 2024 launch. Other exchange-backed alternatives include Kraken Wrapped BTC, Binance Wrapped BTC, and OKX Wrapped BTC. Circle differentiates itself by emphasizing its neutral structure—the company does not operate a centralized exchange, decentralized exchange, or lending protocol, which it claims gives institutions greater flexibility to use cirBTC across venues without issuer conflict.
Looking ahead, Circle stated that cirBTC will integrate with Circle Mint, its institutional liquidity platform, enabling seamless minting and redemption alongside USDC. The company also plans to expand cirBTC beyond Ethereum through Arc, its layer‑1 blockchain infrastructure, as part of a multichain strategy for interoperable institutional finance.
