The Circle-backed wrapped Bitcoin cirBTC has officially launched on Ethereum

BlockBeats News, June 9th, Today stablecoin issuer Circle officially launched wrapped Bitcoin cirBTC on the Ethereum blockchain, allowing users to use their Bitcoin assets in DeFi protocols for lending, decentralized trading, tokenized assets, and other scenarios. Circle Wrapped Bitcoin (cirBTC) is a tokenized BTC pegged 1:1 to native Bitcoin, issued by Circle on the Ethereum mainnet and the Arc network, with the BTC reserves custodied by a regulated entity under the Circle Group.

Currently, the total market value of wrapped Bitcoin tokens is approximately $12.5 billion to $13.5 billion, accounting for only about 1% of the total Bitcoin market cap (approximately $1.25 trillion), still representing a niche market. Circle's entry will directly compete with Coinbase, the issuer of cbBTC, and BitGo, the custodian of wBTC.