Circle to launch cirBTC wrapped Bitcoin targeting institutional markets
Circle, the issuer of stablecoins USDC and EURO, announced plans to launch its own wrapped Bitcoin called cirBTC. The asset is aimed at institutional users and will launch on Ethereum, backed 1:1 by Bitcoin at a price of $66,511, positioning Circle against competitors such as BitGo and Coinbase.
Source Сointelegraph
The cirBTC token is designed for over-the-counter desks, market makers, and lending protocols, offering a "highly secure and neutral version of wrapped BTC." Aside from Ethereum, the token will also be available on Circle’s proprietary layer-1 blockchain Arc and its Circle Mint platform.
Institutional investors have become major buyers of Bitcoin and are increasingly exploring decentralized finance (DeFi). Wrapped Bitcoin tokens enable BTC to be used on other blockchains like Ethereum, providing institutions with access to DeFi markets.
Circle is a leading company specializing in digital assets, known for issuing stablecoins and advancing blockchain technologies. The firm continues to expand its product offerings, particularly for institutional clients and blockchain interoperability.
The launch of cirBTC reflects Circle’s ambition to strengthen its role in the institutional crypto market while competing with established wrapped Bitcoin providers. This development will enhance institutions’ ability to securely use BTC within the DeFi ecosystem.
Looking ahead, cirBTC could become a key DeFi instrument, intensifying competition in the wrapped Bitcoin space and supporting wider adoption of Bitcoin across decentralized applications.
