Circle’s cirBTC is now live on Ethereum: 1:1 BTC-backed, serving as collateral for institutional DeFi. What’s really making us a bit nervous is this: BTC sitting on the balance sheet may start to look inefficient. Institutions don’t just care about “whether there is BTC”—they care about whether they can monitor reserves, redeem it, and still participate in lending / treasury / settlement workflows. BTC is starting to get to work too 🫠

ETH1.17%
BTC1.22%
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