Circle Launches cirBTC on Ethereum with Real-Time Proof Targeting $9B WBTC Market
CRCL•Circle launched cirBTC, a 1:1 BTC-backed ERC-20 token on Ethereum on June 8 targeting the $9 billion WBTC market with an 85% share via real-time on-chain reserve verification. The product is built for institutional participants, OTC desks, market makers, lenders and DeFi protocols deploying native BTC as collateral in Ethereum smart contract ecosystems.
1. Launch Details
Circle went live with cirBTC on Ethereum mainnet on June 8, 2026, issuing each token at a 1:1 ratio against BTC held in segregated regulated custody.
2. Technical Differentiator
cirBTC integrates Chainlink Proof of Reserve to enable real-time on-chain verification of BTC backing across multiple wallet addresses, eliminating reliance on monthly attestations or off-chain attestations.
3. Market Context
The WBTC market holds roughly $9 billion in supply and about 85% of the $15–20 billion tokenized BTC market; Circle positions cirBTC as a more transparent alternative to WBTC and cbBTC.
4. Target Users
The product is tailored exclusively for institutional participants, OTC desks, market makers, lenders and DeFi protocols seeking to deploy native BTC as collateral in Ethereum-based smart contract ecosystems.
