On April 2, 2026, Circle announced cirBTC, a new 1:1 Bitcoin-backed wrapped token designed specifically for institutional users. The token will be fully collateralized by native BTC, with reserves verifiable in real time on-chain, according to Circle’s official announcement.
Unlike existing wrapped Bitcoin products such as wBTC (managed by a consortium including BitGo) or cbBTC (issued by Coinbase), cirBTC positions itself as a neutral, secure, and high-performance option tailored for OTC desks, market makers, lending protocols, and other institutional applications that require transparency and reliability.
cirBTC will launch first on two chains:
The token will integrate seamlessly with Circle’s existing infrastructure, including Circle Mint (the platform used for issuing and redeeming USDC and EURC). This creates a unified stack for institutions already using Circle’s products.
Circle emphasizes that cirBTC is built for institutions seeking:
This launch expands Circle’s portfolio beyond stablecoins. The company already offers the USYC yield-bearing tokenized money market fund (via its acquisition of Hashnote) and is reportedly exploring a native token for the Arc network.
Wrapped Bitcoin products have grown significantly as institutions look to use BTC in DeFi and TradFi applications without moving the underlying asset off the Bitcoin network. wBTC remains the largest by supply, but concerns around governance and Justin Sun-linked entities have prompted some users to seek alternatives.
cirBTC enters a competitive field but benefits from Circle’s strong regulatory reputation as the issuer of USDC (the second-largest dollar stablecoin) and its focus on compliance and institutional infrastructure.
For institutions, cirBTC offers a clean, auditable way to bring Bitcoin liquidity into Ethereum and Arc-based applications. Early access is available via a waiting list on Circle’s website.
The broader market reaction has been positive, viewing this as another step in Circle’s expansion from stablecoins into tokenized real-world assets and Bitcoin infrastructure.
