Circle is moving in to wrap BTC, and cbBTC has opponents now. The reserve proof using Chainlink is a bright spot, but custody is still that same centralized setup—whether institutions buy in will depend on the liquidity to come.

CRCLX0.18%
BTC-1.57%
LINK-1.28%
View Original
WuSaidBlockchainW
Circle officially launches the wrapped Bitcoin product cirBTC on Ethereum, entering the wrapped Bitcoin market and competing with Coinbase's cbBTC. cirBTC is backed 1:1 by BTC, with the underlying Bitcoin custodied by Circle, and plans to provide on-chain reserve verification through Chainlink Proof of Reserve. Circle positions it as a "neutral and secure" BTC collateral asset for institutions, which can be used in DeFi lending, market making, OTC trading, and fund management scenarios.
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Repost
  • Share
Comment
Add a comment
Add a comment
No comments