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Circle Enters Wrapped Bitcoin Market with cirBTC

Guavy AI Editorial Team
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Circle is set to launch cirBTC, a wrapped version of Bitcoin designed for institutional users. The asset will be backed 1:1 by Bitcoin and available on Ethereum, Circle's layer-1 blockchain Arc, and its Circle Mint platform. This move puts Circle in direct competition with BitGo and Coinbase in the wrapped Bitcoin market.

BitGo's Wrapped Bitcoin (WBTC) has a dominant position with a market capitalization of approximately $8 billion and 119,157 tokens in circulation. Coinbase's cbBTC holds a market cap of $5.9 billion with 88,800 tokens outstanding. Several other crypto exchanges have entered the wrapped BTC space, including Kraken with KBTC.

The move is aimed at giving financial institutions access to decentralized finance protocols without selling their underlying Bitcoin position. Wrapped Bitcoin products allow Bitcoin to be used on networks like Ethereum, which Circle believes will attract institutional investors. The launch timeline for cirBTC has not been disclosed beyond the initial announcement.

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