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BTC 
WBTC Circle launches cirBTC: Encapsulated Bitcoin Tokens for Institutional Collateral Markets
Circle officially launches cirBTC, an encapsulated Bitcoin token specifically designed for institutional collateral transactions, and brings its reserve and custody infrastructure to a market long dominated by BitGo's WBTC and Coinbase's cbBTC.
Bank-level custody and real-time reserve verification
Each cirBTC token is supported by native BTC in a 1:1 ratio. The custody is handled by Circle National Trust, a federally chartered trust bank directly supervised by the Office of the Comptroller of the Currency (OCC).
Circle National Trust operates as a qualified custodian under OCC supervision, providing regulated entrusted custody services to Circle affiliates and their institutional customers.
Instead of relying on regular monthly audits, reserves are verified in real time on the chain through Chainlink's Proof of Reserves protocol, allowing counterparties to continuously view the collateral supporting each token.
Circle describes the product's standards as: 1:1 asset support, independent custody, continued on-chain reserve transparency, and strategic neutrality.
Circle Internet Group has received OCC approval to establish a national trust bank. The new entity, officially known as First National Digital Currency Bank, will operate under the name Circle National Trust and be directly supervised by the OCC, the federal regulator responsible for overseeing national banks and national trust banks.
Target market and competitive positioning
CirBTC is now online on Ethereum, introducing encapsulated Bitcoin collateral into one of the deepest online financial markets. For institutions involved in lending agreements, over-the-counter trading processes, market-making, fund management and settlement, this marks a significant expansion in Bitcoin's usefulness.
Arc networks will be supported in the future. Circle is promoting the token to lending agreements, OTC trading platforms, and market makers who want to obtain BTC collateral while borrowing USDC assets from the same issuer.
Money managers who already use USDC for settlement through Circle Mint can now hold BTC exposure through the same operating pipeline, the same legal entity, and the same compliance team.
This unified workflow eliminates vendor management challenges that have long plagued organizations 'encryption operations.
This product also avoids structural conflicts that affect some competing products. Circle does not operate any competitive centralized exchanges, decentralized exchanges, or lending agreements, which provides clear reasons for institutions to use cirBTC in their own trading venues, customers, liquidity relationships, and risk policies.
The market entered by cirBTC is currently dominated by BitGo's WBTC and Coinbase's cbBTC. Coinbase's cbBTC was launched in September 2024 and has a market value of approximately US$5.9 billion; while BitGo's WBTC still maintains a leading position with a market value of approximately US$8 billion.
Circle believes that regulatory credibility and issuer neutrality will allow it to gain a significant share of this market.
