Circle Just Brought Wrapped Bitcoin to Ethereum

Circle announced on June 8, 2026 that cirBTC is live on Ethereum.

The pitch is simple. Circle calls it a 1:1 BTC-backed token built to bring Bitcoin collateral into Ethereum DeFi.

This is the same company that turned USDC into a default dollar instrument on-chain. Now it wants to do the same thing with Bitcoin.

cirBTC is live on @ethereum . Circle helped establish the institutional standard for dollar collateral with USDC.

Now cirBTC brings that same approach to Bitcoin, bringing 1:1 BTC-backed collateral to institutional DeFi markets with neutrality, transparency, and Circle…

— Circle (@circle) June 8, 2026

The mechanics matter for anyone deciding whether to trust the token. Circle says the underlying BTC is held by a regulated Circle entity and kept segregated from Circle corporate assets.

Native BTC can stay safeguarded while cirBTC moves through Ethereum smart-contract markets, according to Circle.

For transparency, Circle says it uses Chainlink Proof of Reserve around the reserves backing the token.

Minting and redemption run through Circle Mint for eligible institutions, the same issuance rail Circle already operates for its dollar product.

Here is how Circle framed the launch in its blog post.

Circle described

cirBTC added these details:

According to Circle: cirBTC is live on Ethereum as a 1:1 BTC-backed token designed to bring secure, neutral Bitcoin collateral into DeFi. native BTC can remain safeguarded while cirBTC moves through lending protocols, OTC workflows, market-making, treasury operations, and settlement on Ethereum.

CoinGecko ranked Bitcoin first, Ethereum second, and USDC fifth by market capitalization during the June 9, 2026 Central-time selection check. Circle announced on June 8, 2026 that cirBTC is live on Ethereum.

cirBTC as a 1:1 BTC-backed token for Ethereum DeFi collateral. native BTC can remain safeguarded while cirBTC moves through Ethereum smart-contract markets.

underlying BTC is held by a regulated Circle entity and segregated from Circle corporate assets. Chainlink Proof of Reserve is used for transparency around reserves.

cirBTC integrates with Circle Mint for minting and redemption by eligible institutions. planned support includes Arc and multichain expansion.

on June 9 that Circle is challenging Coinbase in the wrapped Bitcoin market. WBTC had about $7.3 billion in market cap, cbBTC was under $5.4 billion, and the synthetic BTC market hovered around $12.5 billion to $13.5 billion.

Ethereum is the launch venue for a reason. The synthetic BTC market lives there, and that is where lending protocols, market makers, and treasury desks already use wrapped Bitcoin as collateral.

Circle is not stopping at one chain. The company says planned support includes Arc and broader multichain expansion.

Circle’s

Circle added these details:

According to Circle: Circle’s cirBTC product page described the asset as backed 1:1 by BTC that is readily verifiable on-chain. The page said cirBTC is live on Ethereum, integrates with Circle infrastructure, and is intended for the wider DeFi ecosystem.

native BTC can remain safeguarded while cirBTC moves through Ethereum smart-contract markets. underlying BTC is held by a regulated Circle entity and segregated from Circle corporate assets.

Chainlink Proof of Reserve is used for transparency around reserves. cirBTC integrates with Circle Mint for minting and redemption by eligible institutions.

planned support includes Arc and multichain expansion. on June 9 that Circle is challenging Coinbase in the wrapped Bitcoin market.

WBTC had about $7.3 billion in market cap, cbBTC was under $5.4 billion, and the synthetic BTC market hovered around $12.5 billion to $13.5 billion. CoinGecko ranked Bitcoin first, Ethereum second, and USDC fifth by market capitalization during the June 9, 2026 Central-time selection check.

Circle announced on June 8, 2026 that cirBTC is live on Ethereum.

The competitive backdrop is the real story here.

BitGo’s wBTC has been the dominant wrapped Bitcoin token for years. Coinbase entered with cbBTC.

Now Circle wants a seat at that table.

CoinDesk added these details:

According to CoinDesk: Circle’s wrapped version of Bitcoin is live on Ethereum as Circle challenges Coinbase in the synthetic BTC market. WBTC had about $7.3 billion in market cap, cbBTC was under $5.4 billion, and the broader synthetic BTC market hovered between $12.5 billion and $13.5 billion.

cirBTC integrates with Circle Mint for minting and redemption by eligible institutions. planned support includes Arc and multichain expansion.

on June 9 that Circle is challenging Coinbase in the wrapped Bitcoin market. WBTC had about $7.3 billion in market cap, cbBTC was under $5.4 billion, and the synthetic BTC market hovered around $12.5 billion to $13.5 billion.

CoinGecko ranked Bitcoin first, Ethereum second, and USDC fifth by market capitalization during the June 9, 2026 Central-time selection check. Circle announced on June 8, 2026 that cirBTC is live on Ethereum.

cirBTC as a 1:1 BTC-backed token for Ethereum DeFi collateral. native BTC can remain safeguarded while cirBTC moves through Ethereum smart-contract markets.

underlying BTC is held by a regulated Circle entity and segregated from Circle corporate assets.

That is a $12.5 billion to $13.5 billion pool of wrapped Bitcoin already in motion, and Circle is arriving late.

Its bet is that the same trust and infrastructure that carried USDC will transfer to Bitcoin collateral. The regulated custody, the segregated reserves, the Proof of Reserve feed, the Circle Mint rail.

Institutions already know that stack.

Whether that reputation converts into market share against wBTC and cbBTC is the open question.

Circle is treating cirBTC as one piece of a larger build, not a one-off product.

On June 5, 2025, Circle listed on the @NYSE as one of the standout IPOs of the year.

One year later, we’re continuing to build Circle as the full-stack platform for the internet financial system, spanning digital dollars, global payments, and infrastructure for the agentic… pic.twitter.com/ZjYYb5vWH7

— Circle (@circle) June 8, 2026

The firm has spent years making USDC the institutional standard for dollar collateral on-chain. cirBTC is Circle trying to repeat that move with the one asset every crypto institution already holds.

If it works, the wrapped Bitcoin market has a serious new contender.

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