Circle's wrapped Bitcoin cirBTC officially launched on Ethereum

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BlockBeats News, June 9 — Today, stablecoin issuer Circle officially launched wrapped Bitcoin cirBTC on Ethereum, allowing users to use their Bitcoin assets in scenarios such as lending via DeFi protocols, decentralized trading, and tokenized assets. Circle Wrapped Bitcoin (cirBTC) is a tokenized BTC that is 1:1 backed by native Bitcoin, issued by Circle on the Ethereum mainnet and the Arc network, with BTC reserves held in custody by a regulated entity under the Circle group.

Currently, the total market capitalization of wrapped Bitcoin tokens is approximately $12.5 billion to $13.5 billion, which is only about 1% of Bitcoin’s total market cap (around $1.25 trillion), and it still remains a niche market. Circle’s entry will directly bring it into a head-to-head confrontation with Coinbase, the issuer of cbBTC, and BitGo, the custodian of wBTC.

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