Circle has launched cirBTC, a new wrapped Bitcoin asset on Ethereum backed on a 1:1 basis by native Bitcoin. The product is designed to make Bitcoin liquidity more accessible within Ethereum’s programmable blockchain environment while providing users with greater visibility into the assets supporting the token.
The cirBTC is an ERC-20 token, which means that it can be utilized in Ethereum-based decentralized finance applications, thereby enabling Bitcoin exposure to participate in the ecosystem of Ethereum smart contracts. In other words, this token can be used by the holders of Bitcoin to gain access to the lending, collateralization, and other financial services that require an Ethereum-compatible asset.
cirBTC is live on Ethereum as a 1:1 BTC-backed token, with native Arc support coming at mainnet launch.
Designed for tokenized BTC transparency, cirBTC combines:
→ Segregated BTC custody
→ Disclosed reserve addresses
→ Chainlink Proof of Reserve
→ Onchain reserve data for…— Circle (@circle) September 5, 2026
A key feature of Circle’s approach is its use of Chainlink Proof of Reserve. The system is designed to provide onchain verification of the Bitcoin reserves supporting cirBTC, giving users and market participants a mechanism for checking whether the token remains adequately backed.
Wrapped Bitcoin products have existed across the crypto market for years, but questions around custody, transparency and reserve management have remained important concerns. Circle’s launch attempts to address those concerns through segregated custody arrangements and publicly verifiable reserve information.
Additionally, the project aligns with Circle’s overarching plan to extend blockchain and stablecoin infrastructure beyond conventional payment applications. Although a major portion of its liquidity has historically existed outside of smart-contract ecosystems, Bitcoin is still the most valuable cryptocurrency. Bringing BTC into programmable environments could allow a larger portion of that liquidity to participate in decentralized finance.
Circle has also indicated plans to support cirBTC on its Arc blockchain following the network’s mainnet launch. That expansion could further increase the asset’s utility across blockchain-based financial applications.
The launch comes as competition grows among providers seeking to create transparent and institutionally oriented representations of Bitcoin on other blockchain networks. With proof-of-reserve technology and institutional custody infrastructure, Circle is attempting to differentiate cirBTC through transparency and verifiability.
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