cirBTC Is Now Live on Ethereum

cirBTC is now live on Ethereum, bringing wrapped bitcoin (BTC) collateral into one of the deepest onchain financial markets. For institutions that operate across lending protocols, OTC workflows, market making, treasury operations, and settlement, this marks a practical expansion of bitcoin utility. Native BTC can remain safeguarded while cirBTC moves through smart contract markets.

Why wrapped bitcoin on Ethereum matters

Bitcoin is a benchmark collateral asset in digital finance, but native BTC does not interact with Ethereum smart contracts. Wrapped BTC solves for this by issuing a 1:1 BTC-backed token that can be used in DeFi. Ethereum matters because institutional onchain activity is already there. Lending markets, DEX liquidity, tokenized assets, and stablecoin flows have matured into persistent, always-on infrastructure. For BTC holders, cirBTC may support BTC-backed collateral use in supported third-party protocols without requiring the sale of the BTC.

Circle Wrapped Bitcoin: Secure and neutral

Every Circle Wrapped Bitcoin (cirBTC) is 1:1 backed by native BTC. The underlying BTC is custodied at a regulated Circle entity and segregated from Circle’s corporate assets. Wrapped BTC is infrastructure, not just inventory. Market makers need dependable collateral across trading pairs. OTC desks need assets clients can accept without issuer conflict. Lending protocols need collateral they can monitor. Crypto asset managers and risk teams need a wrapper with clear custody, redemption, and reserve visibility.

Onchain verification of reserves

cirBTC is designed to provide ongoing visibility of BTC reserves through Chainlink Proof of Reserve, with multi-address transparency that allows counterparties to independently review holdings directly on the Bitcoin blockchain. That gives protocols, trading firms, and risk desks a monitoring model aligned with markets that never close.

Strategic neutrality for institutional markets

Neutrality is simple: the issuer’s incentive should be broad adoption, not steering activity into a preferred trading venue. Circle does not operate a competing centralized exchange (CEX), decentralized exchange (DEX), or lending protocol. When compared to alternatives, this gives institutions a clear rationale for using cirBTC across their own venues, clients, liquidity relationships, and risk policies. Circle’s incentive is for cirBTC to work wherever wrapped BTC liquidity is needed.

Built for the Circle full stack

cirBTC also fits into the Circle infrastructure institutions already use. Circle Mint provides the institutional workflow for minting and redeeming cirBTC while USDC is commonly used as a dollar-backed digital asset in supported third-party DeFi markets where available. This brings BTC collateral and dollar liquidity into the same operating model. Circle supports the key steps, resulting in a cleaner path from custody to tokenization to settlement.

Ethereum first, a multichain future by design

Ethereum is the right place to start. It’s where many institutional DeFi, tokenization, and liquidity workflows already operate. But cirBTC is not meant to be confined to one chain. cirBTC is designed for Arc and a broader multichain roadmap over time, consistent with Circle’s vision for open, interoperable financial infrastructure. Arc will bring cirBTC into Circle-designed infrastructure for stablecoin finance, while Ethereum gives institutions immediate access to established DeFi markets.

cirBTC brings a disciplined standard to institutional wrapped bitcoin: 1:1 backing, segregated custody, ongoing onchain reserve visibility, and strategic neutrality. Bitcoin does not need to stay idly on a balance sheet to remain foundational. With cirBTC on Ethereum, and an Arc integration on the horizon, wrapped BTC can move more confidently through the next generation of onchain credit and capital markets.

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^{cirBTC is issued by Circle International Bermuda Limited, a Class F Digital Asset Business licensed and regulated by the Bermuda Monetary Authority. Circle Mint and related distribution services are provided by Circle Internet Financial, LLC, NMLS # 1201441.}

^{USDC is issued by regulated affiliates of Circle. See Circle’s list of regulatory authorizations.}

^{Arc testnet is offered by Circle Technology Services, LLC ("CTS"). CTS is a software provider and does not provide regulated financial or advisory services. You are solely responsible for services you provide to users, including obtaining any necessary licenses or approvals and otherwise complying with applicable laws.}

^{Arc has not been reviewed or approved by the New York State Department of Financial Services.}

^{The product features described in these materials are for informational purposes only. All product features may be modified, delayed, or cancelled without prior notice, at any time and at the sole discretion of Circle Technology Services, LLC. Nothing herein constitutes a commitment, warranty, guarantee or investment advice.}

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