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BTC 
ETH Circle launches cirBTC, an encapsulated bitcoin product for the institutional market
Circle announced the launch of cirBTC, an encapsulated bitcoin product for the institutional market that is supported by a 1:1 bitcoin reserve and enables on-chain reserve verification. The company said the structure directly supports institutions using Bitcoin as collateral in the broader on-chain credit market. Circle emphasized that cirBTC will not compete with centralized exchanges, decentralized exchanges or lending agreements.
Circle clarifies the structure of cirBTC
Circle states that each cirBTC is supported by native Bitcoin in a 1:1 ratio. These bitcoins are held through Circle's Bermuda affiliates and are held by Circle National Trust. Circle National Trust is a national trust bank and qualified custodian regulated by the Office of the Comptroller of the Currency. Bitcoin is only used for the exclusive benefit of cirBTC holders.
Circle stated that Chainlink's proof of reserves will provide real-time on-chain verification of reserves. At the same time, multi-address transparency allows counterparties to check bitcoin positions via block browsers.
Bitcoin holders can use encapsulated bitcoins in markets built on smart contract networks. These markets include lending agreements, collateral systems, trading venues and settlement processes.
cirBTC focuses on on-chain credit markets
According to Circle, cirBTC is designed for market makers, over-the-counter trading desks, lending agreements, asset management companies and institutional trading companies. The encapsulated product determines how institutions hold, verify, redeem and transfer Bitcoin collateral. Circle said its issuer model avoids running competing centralized exchanges, decentralized exchanges or lending agreements.
Instead, the company describes cirBTC as the infrastructure for different trading venues and protocols. Circle quoted data as saying that in the first quarter of 2026, USDC circulation exceeded US$75 billion and transaction volume exceeded US$20 trillion. The company has also developed Circle Mint and cross-chain transport protocols as part of its broader digital asset infrastructure.
Ethereum launches and subsequently supports Arc
cirBTC is currently available on Ethereum, and Arc support is expected to be launched later, subject to regulatory approval. On Ethereum, the product can run within existing DeFi mobility and institutional workflows.
On Arc, Circle plans to use cirBTC for lending, trading and settlement activities. The company is also building Arc around USDC, Circle Mint and cross-chain transport protocol infrastructure.
Circle said the design supports multiple chains rather than limiting cirBTC to Ethereum or Arc. The company listed reserve transparency, custody and redemption as core functions of the product.
