Circle (CRCL) Unveils cirBTC: A New Institutional Wrapped Bitcoin Token

Key Highlights Circle unveils cirBTC, a Bitcoin-backed wrapped token with 1:1 BTC reserves for institutional markets The token will debut on Ethereum, Circle’s Arc blockchain, and the Circle Mint platform Primary target audience includes OTC trading desks, market makers, and DeFi lending platforms BitGo’s WBTC dominates with approximately $8B market cap; Coinbase’s cbBTC holds $5.9B Circle joins an increasingly competitive field featuring Kraken, Binance, OKX, and additional players The stablecoin powerhouse Circle, known for issuing USDC, is expanding its product lineup with a wrapped Bitcoin offering. The firm revealed Thursday its intention to introduce cirBTC — a digital asset with 1:1 Bitcoin backing — on Ethereum’s blockchain infrastructure. Circle is launching cirBTC, a 1:1 backed wrapped #Bitcoin designed for institutions. It will launch on Ethereum & Arc and integrate with Circle's infrastructure, offering institutional-grade security. pic.twitter.com/kwn20o9qUt — Bitcoin.com News (@BitcoinNews) April 2, 2026 The initiative specifically targets institutional market participants: over-the-counter trading desks, liquidity providers, and DeFi lending platforms. Circle positions the product as a “highly secure and neutral version of wrapped BTC.” Wrapped Bitcoin tokens enable BTC to operate across alternative blockchain networks such as Ethereum, providing asset holders entry into decentralized finance ecosystems that remain inaccessible with standard Bitcoin. Beyond Ethereum, cirBTC deployment will extend to Circle’s proprietary layer-1 blockchain called Arc, along with integration across the Circle Mint infrastructure. This development represents Circle’s inaugural venture into wrapped digital assets — a sector the company has avoided until now, despite its position as a leading cryptocurrency infrastructure provider. Entering a Competitive Landscape The wrapped Bitcoin sector currently features two dominant players. BitGo’s WBTC commands the leading posit...