Circle has launched cirBTC, a wrapped Bitcoin product targeting institutional users. The move marks an expansion of the company's focus beyond its core stablecoin business into broader tokenized financial infrastructure.
The firm says cirBTC is backed 1:1 by BTC, with verifiable onchain reserves. Designed for use across multiple blockchains and within DeFi ecosystems, it aims to offer institutions a secure and transparent alternative for accessing Bitcoin in digital markets.
Intended users include OTC desks, market makers, and lending protocols requiring tokenized BTC for trading and settlement. cirBTC launches first on Ethereum and Arc, Circle’s proprietary blockchain, and integrates with USDC and Circle Mint.
This development aligns with Circle’s strategic roadmap for 2026, emphasizing the construction of an open internet financial system powered by stablecoins, blockchain networks, and developer tools.
The entry comes as competition grows in the tokenized Bitcoin space. Wrapped Bitcoin (WBTC) holds about $8 billion in market value, while Coinbase's cbBTC nears $6 billion.