Circle Launches Transparent Wrapped Bitcoin Token cirBTC on Ethereum

Circle has launched cirBTC, its new wrapped Bitcoin token, on Ethereum. The launch aims to set a higher standard for transparency and security in tokenized BTC markets.

Unlike other wrapped Bitcoin products, cirBTC emphasizes institutional-grade transparency. Each cirBTC token is backed by native BTC held in segregated accounts at Circle National Trust, a federally regulated custodian.

Circle uses Chainlink's decentralized oracle network to publish reserve data directly onchain. Market participants can verify the BTC reserves via disclosed Bitcoin wallet addresses.

The launch of cirBTC comes at a time when demand for secure and transparent DeFi infrastructure is growing. With its emphasis on transparency, cirBTC aims to redefine the standard for wrapped Bitcoin tokens.