NewsBTC
Jun 17, 2026
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Circle launches cirBTC on Ethereum with 1:1 Bitcoin backing

1 min

**Circle launches cirBTC on Ethereum with 1:1 Bitcoin backing**

Circle has released **cirBTC** on Ethereum, entering the wrapped Bitcoin market dominated by WBTC and cbBTC. The product is fully backed by BTC held in segregated custody and verified via Chainlink Proof of Reserve.

Issued through Circle’s Bermuda-regulated subsidiary, cirBTC gives institutional players a BTC-backed asset with transparent reserves and a regulated legal structure.

Wrapped Bitcoin enables BTC liquidity to flow into Ethereum-based lending, trading, and collateral protocols. Circle aims to win institutional adoption by addressing custody and reserve risk — critical for large funds and compliant platforms.

Key points:

  • cirBTC is live on Ethereum, backed 1:1 by BTC.
  • Custody is segregated; reserves verified via Chainlink PoR.
  • Issued under Bermuda regulation, not US domestic framework.
  • Potential appeal to institutional DeFi and custody-sensitive protocols.

Circle’s move opens a fresh competitive front in wrapped Bitcoin. Success will depend on integrations with lending markets, DEX pools, and collateral systems.

Source: Circle blog