Circle Launches cirBTC Wrapped Bitcoin Token Targeting Institutional DeFi Users

Apr 3, 2026

Stablecoin issuer Circle is launching cirBTC, a wrapped Bitcoin token backed 1:1 with native Bitcoin reserves, initially on Ethereum mainnet and Circle's Arc blockchain, targeting institutional DeFi users with integrations to USDC and Circle Mint. The move positions Circle to compete in a market dominated by BitGo's Wrapped Bitcoin with nearly $8 billion market cap and Coinbase's cbBTC with nearly $6 billion market cap. The wrapped Bitcoin market has seen recent controversy after WBTC's custodian partnered with BiT Global, a firm connected to Tron founder Justin Sun, prompting Coinbase to delist WBTC and launch its own cbBTC alternative. Circle shares closed down 0.53% at $90.26 and have fallen nearly 40% over six months.

Circle's cirBTC Launch and Features

▪Circle is launching cirBTC, a wrapped Bitcoin token backed 1:1 with native on-chain Bitcoin reserves.
▪cirBTC will have ready-made integrations with Circle's dollar-backed stablecoin USDC and Circle Mint.

Competitive Landscape of Wrapped Bitcoin Products

▪Circle shares (CRCL) closed down 0.53% on Thursday at around $90.26.
▪Circle shares have fallen nearly 40% in the last six months.
▪Coinbase launched cbBTC as a wrapped Bitcoin token that can be used on multiple blockchains.
▪BitGo's Wrapped Bitcoin (WBTC) maintains a market cap of nearly $8 billion.
▪Coinbase's cbBTC has a market cap of nearly $6 billion.