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Circle, the issuer of the USDC stablecoin, has introduced a “wrapped” version of Bitcoin called cirBTC, which is backed by BTC at a 1:1 ratio. This instrument aims to enhance the utilization of Bitcoin within the financial infrastructure.
Circle has already initiated a waitlist for interested users.
“cirBTC is suitable for over-the-counter platforms, market makers, and lending protocols, as well as for market participants who require a neutral and backed tokenized Bitcoin,” the company stated.
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The token will be integrated into the Circle ecosystem and will be incorporated into the Arc blockchain and the Circle Mint platform, which is utilized for the issuance and redemption of digital assets. Initially, cirBTC is set to launch on the Arc and Ethereum networks.
This new offering does not fall within the stablecoin segment, which is the primary focus of the company’s operations. In addition to USDC, Circle manages the tokenized money market fund USYC and is developing a native token for the Arc network.
The company has previously attempted to expand its Bitcoin payment services: the Circle Pay service was discontinued in 2019, after which the business concentrated on stablecoin issuance.
Earlier, the cryptocurrency exchange Coinbase announced the launch of a Bitcoin-backed lending service based on the decentralized platform Morpho within the Base network.
