Circle renewed its push for cirBTC as neutral institutional collateral in an Aug. 12 post, but the product is not a new launch. It has been live on Ethereum since June 8 and had only
- Circle's cirBTC, a tokenized Bitcoin product, is live on Ethereum but has very low adoption with only 40 tokens outstanding, significantly trailing established competitors like WBTC and cbBTC.
- The token is issued by Circle International Bermuda Limited and backed by segregated Bitcoin reserves, custodied by Circle National Trust, with Chainlink Proof of Reserve used for on-chain verification.
- Despite Circle's push for cirBTC as neutral institutional collateral, its limited distribution and single-chain deployment (Ethereum) highlight a long road to competing with existing wrapped Bitcoin solutions.
Topics: Asset types, Infrastructure providers, Transparency audits, Stablecoins digital cash, Tokenization platforms, Proof of reserve
Tags: #circle #cirbtc #ethereum #bitcoin #tokenization #institutionalcollateral #chainlinkproofofreserve #wbtc #cbtc #custody
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