Overview
- Circle launched cirBTC on Ethereum on June 8, 2026, and says each ERC‑20 token is backed 1:1 by native Bitcoin held in segregated, regulated custody.
- Chainlink Proof of Reserve is integrated to let counterparties verify onchain that the number of circulating cirBTC matches BTC held across visible Bitcoin addresses.
- Minting and redemption are available through Circle Mint, which links cirBTC to Circle’s USDC settlement workflows to simplify institutional flows for lending, market making, and treasury use.
- The token directly challenges existing wrappers led by WBTC and Coinbase’s cbBTC, but its usefulness as collateral will hinge on liquidity depth, listings on major DeFi protocols, market‑maker quoting, and a proven redemption record.
- Wrapped Bitcoin currently represents a small slice of total BTC supply, so for cirBTC to change market structure it must win sustained issuance, multichain distribution such as on Arc, and ongoing custody transparency that satisfies institutional risk teams.