Circle Launches cirBTC on Ethereum, Entering Wrapped Bitcoin Market
- cirBTC is live on Ethereum and backed 1:1 by Bitcoin.
- Circle uses segregated custody and Chainlink Proof of Reserve for cirBTC.
- The product is issued through Circle’s Bermuda-regulated structure.
- Wrapped Bitcoin products allow BTC liquidity to enter DeFi markets.
- Circle’s entry adds a new institutional name to the wrapped Bitcoin market.
Circle has launched cirBTC on Ethereum, offering a new option in the wrapped Bitcoin market with features like segregated custody and Chainlink Proof of Reserve for transparency. This could appeal to institutional DeFi platforms seeking secure Bitcoin liquidity options.
By using a Bermuda-regulated structure, Circle positions cirBTC as a legally distinct product, potentially attracting larger funds needing transparent collateral assets in DeFi markets. (Source)
