Circle, the issuer of the USDC stablecoin, launched cirBTC on June 9, 2026. This 1:1 Bitcoin-backed ERC-20 token on Ethereum targets institutional players seeking BTC exposure in decentralized finance without managing custody directly. The product uses segregated custody for Bitcoin collateral and relies on Chainlink Proof of Reserve for real-time reserve verification. Circle is thus entering a synthetic Bitcoin market estimated between $12.5 and $13.5 billion, where WBTC (approximately $7.3 billion) and cbBTC (approximately $5.4 billion) currently dominate. The Arc mainnet launch scheduled for September 16, 2026, is expected to broaden cirBTC’s utility within the DeFi ecosystem.
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