Circle Launches cirBTC on Ethereum, Competing in Wrapped Bitcoin Market
- Circle’s cirBTC is live on Ethereum, backed by a one-to-one ratio with Bitcoin.
- The asset employs segregated custody and Chainlink Proof of Reserve for transparency.
- Issued via Circle’s Bermuda-regulated subsidiary, providing an international regulatory framework.
- Aims to address trust issues in the wrapped Bitcoin market with enhanced custody and reserve visibility.
Circle has introduced cirBTC to provide a new option for institutional DeFi platforms seeking Bitcoin liquidity with robust custody solutions. The use of Chainlink Proof of Reserve is intended to improve market confidence through transparent reserve monitoring.
By leveraging its existing infrastructure and regulatory-first approach, Circle aims to establish cirBTC as a significant player in the wrapped Bitcoin sector, potentially setting new standards for institutional adoption in DeFi markets.
