Crypto
Circle Unveils Transparent Wrapped Bitcoin on Ethereum
Circle has launched cirBTC, a transparent wrapped Bitcoin product on Ethereum. This move allows users to easily transfer and store their BTC on the Ethereum blockchain.
cirBTC is built using Circle's USDC-pegged stablecoin, which is fully backed by reserves of US dollars. The new asset maintains a 1:1 ratio with Bitcoin, providing a seamless experience for traders and investors looking to access Ethereum-based markets.
With cirBTC, users can now enjoy the benefits of wrapped Bitcoin on the world's largest decentralized finance (DeFi) platform, while minimizing counterparty risk. This development is expected to expand the use cases for both Bitcoin and Circle's USDC stablecoin.