Circle launches cirBTC on Ethereum for institutional DeFi
The 1:1 BTC-backed token is aimed at institutional DeFi users as Circle enters a wrapped Bitcoin market dominated by wBTC and Coinbase’s cbBTC.
BTC
ETH
WBTC
Fact Check
Circle's own blog 'cirBTC Is Now Live on Ethereum' (June 8, 2026) directly confirms the launch of a 1:1 BTC-backed token on Ethereum aimed at institutional DeFi. The crypto.news article corroborates the launch and confirms the competitive context with WBTC and cbBTC dominating the wrapped Bitcoin market.
Summary
Circle said cirBTC is now live on Ethereum as a 1:1 BTC-backed token for institutional DeFi use cases including lending, decentralized exchanges, tokenized assets and stablecoins. The company said the product is aimed at institutional investors. Circle is entering a wrapped Bitcoin market led by wBTC at about $7.3 billion and Coinbase’s cbBTC at nearly $5.4 billion, with the total market valued at roughly $12.5 billion to $13.5 billion.
Terms & Concepts
- wrapped Bitcoin: A token designed to track Bitcoin on another blockchain, typically backed 1:1 by BTC.
- institutional DeFi: Decentralized finance products tailored for institutional investors and professional market participants.
- decentralized exchanges: Trading platforms that let users swap tokens directly onchain without a centralized intermediary.