Circle has renewed its push for cirBTC as a neutral form of institutional Bitcoin collateral, though the wrapped token is not a new launch. The product has been live on Ethereum since June 8 and remains small in scale, with about 40 tokens outstanding at the time of review, versus more than 116,000 WBTC and 97,000 cbBTC. Etherscan showed a maximum total supply of 40.01955869 cirBTC and 11 holder addresses, while CoinGecko labeled the asset "preview only" and said it was unavailable on the centralized and decentralized exchanges it tracks. Circle says eligible institutional participants can mint and redeem cirBTC through Circle Mint. The token is issued by Circle International Bermuda Limited, which the company identifies as a Class F digital asset business regulated by the Bermuda Monetary Authority. Circle says the underlying bitcoin is held through its Bermuda affiliate and custodied by Circle National Trust for the exclusive benefit of cirBTC holders, with the BTC segregated from the company’s corporate assets. Circle National Trust is described by the company as a federally chartered national trust bank and qualified custodian supervised by the Office of the Comptroller of the Currency. A Circle reserve dashboard timestamped Aug. 11 at 8 a.m. showed 40.02159077 cirBTC in supply against 42.5070808 BTC in reserves, and listed reserve wallet addresses so holdings could be inspected on the Bitcoin blockchain. Circle says cirBTC uses Chainlink Proof of Reserve instead of a monthly attestation model, allowing reserve data to be published onchain for monitoring. Ethereum is currently the only live chain Circle identifies for cirBTC, while Arc is the next named deployment and broader multichain support is planned, subject to applicable regulatory approvals.