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BTC Circle launches Circle Wrapped Bitcoin (cirBTC): Bringing native Bitcoin to programmable networks
Circle officially launched Circle Wrapped Bitcoin (cirBTC for short), a token that is pegged 1:1 to Bitcoin (BTC). The core goal of the product is to bring native Bitcoin into the programmable network ecosystem using isolated custody and verifiable on-chain reserve data. cirBTC was announced on September 4, 2026 and was officially launched on the Ethereum network today. In the future, once Circle's Arc Layer-1 blockchain main network is launched, the platform will also receive native support.
Analysis of the mortgage structure of cirBTC
Each cirBTC token is fully supported by native bitcoin at a ratio of 1:1, and can be exchanged for native bitcoin at any time at a ratio of 1:1. It belongs to a "wrapped token" rather than a pledged or derivative. The underlying BTC assets are held through Circle's affiliates and held in custody by Circle National Trust. Circle National Trust is a federally chartered national trust bank regulated by the Office of the Comptroller of the Currency (OCC).
Reserves are held in accounts strictly segregated from Circle's corporate assets and specifically serve the interests of cirBTC holders, ensuring that collateral is completely separated from the issuer's balance sheet at the legal and operational levels. The token is issued by Circle International Bermuda Limited, which holds a Class F digital asset business license issued by the Bermuda Monetary Authority.
Chainlink reserve proof mechanism ensures transparency
Circle combines isolated custody with observable mortgage support to build a trusted system by connecting three key data points: disclosure of native BTC held in reserve addresses, the value of on-chain reserves published through Chainlink Proof of Reserve, and the circulating supply of cirBTC on each support chain. When a user redeems cirBTC, the corresponding token will be destroyed from circulation, and an equal amount of native BTC will be released, thereby ensuring that the number of tokens in circulation will not exceed the number of BTC held in the reserve.
Circle specifically emphasizes that proof of reserves does not replace security reviews of custody, redemption processes or smart contracts, but allows lending agreements, market makers, and asset managers to independently verify the true condition of collateral without relying on the issuer's unilateral statements.
Based on Ethereum, expanding Arc and other public chains
The entry of cirBTC has made the highly competitive market for packaging bitcoin more intense. Custody security and reserve transparency have become key differentiating factors for institutions deciding how to apply BTC to decentralized finance (DeFi). This release also marks that Circle's business scope has exceeded its stable USDC stablecoin business, and further expanded its ecological landscape after introducing USDC to Hyperliquid.
It is expected that with the launch of the Arc main network (subject to relevant regulatory approval), native cirBTC support will be launched on the chain, and plans will be made to integrate more blockchain networks later. For holders, its core value proposition is clear: providing a way to use Bitcoin in on-chain markets-as demonstrated by the recent six-week high of WBTC exchange outflows-while maintaining observability and transparency on the reserve side of the exposure.
