Circle unveils cirBTC, a wrapped bitcoin backed 1:1 by BTC, enhancing digital gold functionality.
The company behind USDC, Circle, has unveiled a wrapped version of the original cryptocurrency — cirBTC.
Circle Wrapped Bitcoin is coming.
Backed 1:1 by BTC and readily verifiable onchain, cirBTC is being built to work seamlessly with Circle infrastructure and the broader DeFi ecosystem.
Learn more: https://t.co/wWzVBZdIz1 pic.twitter.com/Db5U3InaNA
— Circle (@circle) April 2, 2026
The token will be backed by real bitcoins at a 1:1 ratio. Its aim is to enhance the functionality of digital gold. The issuer has opened registration for the waiting list.
“cirBTC is ideal for over-the-counter platforms, market makers, lending protocols, and anyone needing a neutral, secure, and high-performance tokenized bitcoin,” states the issuer’s website.
Circle will fully integrate cirBTC into its technology stack: Arc blockchain and the Circle Mint platform for issuing and redeeming stablecoins. Initially, the asset will launch on Arc and Ethereum.
The wrapped bitcoin will be one of the few products from the company not linked to stablecoins. The issuer manages the income-generating tokenized money market fund USYC and, according to unofficial sources, is preparing a native token for the Arc network.
Circle closed its previous bitcoin payment service — Circle Pay — in 2019, shifting its focus exclusively to stablecoins.
There are several wrapped versions of bitcoin on the market. The largest remains WBTC from BitGo, with a capitalization exceeding $7.9 billion.
In September 2024, a similar token was launched by the Coinbase exchange. The market value of cbBTC reached $5.9 billion, according to CoinGecko.
To stand out among competitors, Circle positions cirBTC as a “global institutional-grade standard.”
In recent weeks, the USDC issuer has faced criticism from community members. In March, on-chain detective ZachXBT accused the company of unjustly freezing 16 wallets.
In early April, the same researcher and other industry representatives were outraged by Circle’s response to the Drift Protocol hack. The firm did not promptly block funds related to the attack, despite having all necessary tools.
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