Circle Announces cirBTC Wrapped Bitcoin Token

Circle, the issuer of the USDC stablecoin, announced on Wednesday its entry into the wrapped Bitcoin market with a new product called cirBTC, aimed at providing institutions with a secure and transparent tokenized version of Bitcoin. The Boston-based company unveiled the initiative through its official social media account and a dedicated product page, marking its first major foray beyond stablecoins into Bitcoin infrastructure.

Each cirBTC token will be backed one-to-one by native Bitcoin held in reserves, with the company emphasizing real-time, onchain verification accessible to anyone without dependence on third-party audits or opaque custodians. Circle stated that the product adheres to the same principles as its stablecoins USDC and EURC, including consistent issuance, auditable reserves, and broad liquidity. "cirBTC is designed to provide institutions with a highly secure and neutral version of wrapped BTC," the company wrote on its product page.

The announcement targets financial institutions that have shied away from existing wrapped Bitcoin options due to concerns over custody risks and transparency. Circle pointed to more than $1.7 trillion in Bitcoin currently held...