Circle Launches Wrapped Bitcoin with Onchain Reserve Monitoring
Circle has launched Wrapped Bitcoin (cirBTC), a token that allows institutional users to deploy BTC across programmable blockchain networks while keeping the underlying collateral visible through onchain data.
The product, which trades under the ticker cirBTC, went live on Ethereum following a September 4 announcement. Each token is structured as a one-to-one claim on native Bitcoin, with the backing assets held in segregated accounts at Circle National Trust, a federally chartered national trust bank supervised by the Office of the Comptroller of the Currency.
Circle said the Bitcoin is held through a group affiliate and kept separate from corporate assets for the exclusive benefit of cirBTC holders. The issuer is Circle International Bermuda Limited, which operates under a Class F Digital Asset Business license from the Bermuda Monetary Authority.