Crypto: Circle unveils cirBTC, its in-house wrapped Bitcoin token

Circle, the issuer of USDC, has introduced cirBTC, a wrapped Bitcoin token designed to be backed 1:1 by BTC with on-chain, verifiable reserves. The company said the product is being built to plug into Circle's existing infrastructure and integrate across the broader DeFi ecosystem. A launch date has not been announced. The announcement places Circle into the wrapped Bitcoin market, long led by WBTC but recently clouded by trust questions tied to BitGo's custody changes that brought Justin Sun-linked entities into the picture. Circle, a regulated public company (NYSE: CRCL), could reshape institutional and DeFi demand for tokenized Bitcoin if its verifiable-reserve approach gains traction. Circle has been expanding aggressively, including the launch of its Arc Layer 1 blockchain and the Circle Payments Network, alongside deepening ties with Visa, Mastercard, and major financial institutions. A wrapped Bitcoin product broadens Circle's stablecoin and tokenized-asset stack, reinforcing its push to serve as core infrastructure for on-chain finance.