Circle's Wrapped Bitcoin Token, cirBTC, Draws Over $150M in First-Day Deposits

Circle's wrapped Bitcoin token, cirBTC, has launched on the Arc network, marking an attempt to bring institutional-grade Bitcoin liquidity into a regulated blockchain ecosystem. The token, which is backed 1:1 by actual Bitcoin held in reserve, went live on September 21, 2026, just five days after Arc itself opened its mainnet to the public.

Within its first day, cirBTC pulled in more than $150 million in lending deposits through Morpho protocol alone. The arrival of cirBTC is a significant development for DeFi and institutional use, as it provides a compliant way for institutions to use Bitcoin as collateral inside Arc's ecosystem.

The token is issued by Circle International Bermuda Limited and regulated by the Bermuda Monetary Authority. Chainlink verifies proof of reserves in real-time through an on-chain system, providing transparency and trust in the token's backing. cirBTC can be converted from BTC, cbBTC, or wBTC without fees on select flows.