Circle introduces cirBTC, a 1:1 BTC-backed wrapped token launching on Ethereum and Arc

Circle has launched cirBTC, a wrapped Bitcoin token backed 1:1 by native on-chain BTC reserves, with initial deployment on Ethereum mainnet and Circle's Arc blockchain. The company says the design includes real-time on-chain reserve verification and no third-party custodian, positioning cirBTC for DeFi lending and derivatives use alongside USDC and Circle Mint.