Circle to Roll Out cirBTC, a 1:1 BTC-Backed Wrapped Bitcoin

Circle, the issuer of major stablecoins, said in a post on X that it will soon launch a wrapped Bitcoin product called cirBTC. The token will be backed 1:1 by Bitcoin, with reserves verifiable on-chain. Circle said cirBTC is designed to plug directly into its existing infrastructure and the broader DeFi ecosystem, aiming to provide a neutral base layer for new on-chain applications.