Circle launches cirBTC wrapped Bitcoin token

Circle has launched Circle Wrapped Bitcoin (cirBTC), a 1:1 BTC-backed token designed to bring native Bitcoin liquidity into programmable networks like Ethereum. The token allows Bitcoin holders to access decentralized finance (DeFi) applications, such as lending and trading, without selling their underlying assets.

To enhance transparency, Circle is utilizing Chainlink Proof of Reserve to provide verifiable onchain data. This system connects the native BTC held in disclosed reserve addresses with the circulating cirBTC supply, allowing market participants to inspect collateral independently.

The underlying Bitcoin is held through a Circle affiliate and custodied by Circle National Trust, a federally chartered national trust bank. The reserves are kept in accounts segregated from Circle’s corporate assets to ensure they are legally and operationally separate from the issuer’s balance sheet. The token is issued by Circle International Bermuda Limited, which is licensed by the Bermuda Monetary Authority.