Circle Launches cirBTC, Ethereum Adds 1:1 Bitcoin-Backed Wrapped Asset

According to an official announcement, Circle has launched cirBTC on Ethereum. cirBTC is a wrapped Bitcoin asset backed 1:1 by native BTC and can be used in on-chain financial applications such as lending protocols, over-the-counter (OTC) trading, market making, treasury management, and settlement—enabling institutions to use their BTC as collateral without selling it.