Eleven weeks after its Ethereum launch, Circle’s tokenized Bitcoin product cirBTC showed only 40.02450077 BTC outstanding on August 27, backed by 42.5114162 BTC in reserves for a 106.2% coverage ratio. For comparison, WBTC had roughly 116,499 BTC and cbBTC had roughly 98,668 BTC outstanding, representing about 2,911 times and 2,465 times the cirBTC supply respectively. No trading volume was recorded on CoinGecko for cirBTC, and an Aave governance proposal to integrate the token remained pending. Circle received final approval from the Office of the Comptroller of the Currency in July for its national trust bank, but this institutional credibility has not yet overcome the network effects of established players.
Source: Read the original article
