Circle Unveils cirBTC, Wrapped Bitcoin With Segregated Custody
Circle has launched Circle Wrapped Bitcoin (cirBTC), a token that allows native $BTC to be used on programmable networks. The token is backed one-to-one by native Bitcoin and redeemable for it, making it a wrapped token rather than a staked or derivative product.
The underlying $BTC is held through a Circle affiliate and custodied by Circle National Trust, a federally chartered national trust bank supervised by the Office of the Comptroller of the Currency. Reserves sit in accounts segregated from Circle's corporate assets and held for the exclusive benefit of cirBTC holders.
Circle pairs segregated custody with observable backing using Chainlink Proof of Reserve, connecting three data points: native $BTC held in disclosed reserve addresses, the onchain reserve value published through Chainlink Proof of Reserve, and the circulating cirBTC supply across supported chains.