"Circle's cirBTC is designed to give institutional users a trusted, neutral version of a wrapped BTC product, addressing concerns about custody risk and transparency."
"With more than $1.7 trillion in bitcoin outside DeFi due to trust gaps, cirBTC aims to bridge that gap by providing auditable reserves and consistent issuance."
"The token will launch first on Ethereum and Arc, and is architected for multichain use, integrating natively with USDC and Circle Mint."
Circle introduced cirBTC, a new wrapped bitcoin token that is fully collateralized by native BTC. This token aims to provide institutional users with verifiable onchain exposure to bitcoin in both decentralized finance and traditional finance. Each cirBTC token will have reserves that are independently verifiable in real time, eliminating reliance on third-party custodians. The product targets institutions that have avoided wrapped bitcoin due to custody and transparency concerns, with potential use cases in various financial environments.
Read at news.bitcoin.com
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