Circle’s cirBTC Is Live on Ethereum but Has Only 40 BTC Outstanding

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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Wrapped Bitcoin Should Be Strategically Neutral

Explore why open infrastructure matters for wrapped bitcoin neutrality and how Circle’s cirBTC release is designed for institutional onchain markets.

• Circle has launched Circle Wrapped Bitcoin (cirBTC) to provide institutional markets with a neutral and transparent wrapped BTC product, addressing the need for trusted infrastructure in onchain credit markets.
• cirBTC emphasizes strategic neutrality, meaning its success relies on broad adoption across various chains and venues, rather than steering users to Circle-controlled platforms, differentiating it from existing wrapped BTC options.
• The product is backed 1:1 by native BTC, held by a qualified custodian, and utilizes real-time onchain verification via Chainlink Proof of Reserve, aiming to set a new standard for wrapped bitcoin neutrality in institutional DeFi.

Topics: Asset types, Infrastructure providers, Integration with defi, Financial instruments, Tokenization platforms, Rwa collateral lending

Tags: #wrappedbitcoin #cirbtc #circle #neutrality #institutionalmarkets #onchaincredit #collateral #chainlinkproofofreserve #arc

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