Circle launches cirBTC: 1:1 wrapped BTC with on-chain verifiable reserves for institutional DeFi

Circle announced cirBTC, a wrapped Bitcoin token pegged 1:1 to BTC and backed by native BTC reserves that the company says will be verifiable onchain in real time ^{[1] [2] [3]}.

Circle stated it will not rely on third‑party attestations or opaque custodians for the reserves, and plans to launch cirBTC first on Ethereum and on its Arc blockchain ^{[3] [1]}.

The firm said cirBTC is designed for institutional users — including OTC desks and market makers — and to bring Bitcoin liquidity into DeFi and tokenized markets by offering fully collateralized, onchain‑verifiable wrapped BTC ^{[4] [3] [5]}.

The product expands Circle’s offerings beyond USDC into wrapped and tokenized Bitcoin products, with real‑time reserve transparency as a central feature ^{[2] [4]}.