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The Circle-backed wrapped Bitcoin cirBTC has officially launched on Ethereum

2026.06.09 18:24:14

On June 9, stablecoin issuer Circle officially launched wrapped Bitcoin (cirBTC) on the Ethereum blockchain. The new token enables users to deploy their Bitcoin assets in decentralized finance (DeFi) protocols for use cases including lending, decentralized trading, and tokenized asset workflows. Circle Wrapped Bitcoin (cirBTC) is a tokenized version of Bitcoin pegged 1:1 to native BTC. It’s issued by Circle on both the Ethereum mainnet and Arc network, with its underlying BTC reserves held by a regulated entity affiliated with the Circle Group. As of press time, the total market capitalization of all wrapped Bitcoin tokens ranges from roughly $12.5 billion to $13.5 billion — accounting for only about 1% of Bitcoin’s overall market cap (around $1.25 trillion), marking the space as a still-niche market. Circle’s entry will go head-to-head with existing wrapped Bitcoin products: Coinbase’s cbBTC and BitGo’s wBTC.
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