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Circle has launched cirBTC, a new token on Ethereum backed one-to-one by bitcoin and aimed at decentralized finance users. The product marks Circle's entry into the wrapped bitcoin segment of the Ethereum DeFi ecosystem.
No reserve figures, custody arrangements, or supported protocol integrations were named in the announcement.
What cirBTC Is cirBTC is structured as a 1:1 bitcoin-backed asset, meaning each token is intended to represent a single bitcoin held in reserve.
Deploying on Ethereum makes it accessible to the DeFi protocols native to that network — lending markets, automated market makers, and liquidity pools that require an ERC-compatible token rather than $BTC directly.
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