Wu said that Circle announced the launch of Circle Wrapped Bitcoin (cirBTC), an asset backed 1:1 by Bitcoin and verifiable on-chain, aimed at providing a compliant wrapped BTC solution for the institutional market; cirBTC will be integrated into Circle's existing infrastructure and support multi-chain usage. Initially, it is planned to be deployed on Ethereum and Arc Network, targeting market makers, lending protocols, OTC, and other institutional participants. The product is still in the preparation stage, and the specific launch time depends on regulatory approval.

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