Circle launched cirBTC on Ethereum on June 8, but the token lags far behind competitors with only about 40 BTC outstanding, compared to over 116,000 for WBTC and 97,000 for cbBTC. The underlying bitcoin is held by Circle National Trust, a federally chartered national trust bank supervised by the Office of the Comptroller of the Currency, with reserves of 42.5 BTC against a supply of 40 cirBTC. Chainlink Proof of Reserve provides onchain verification of collateralization. Circle, which defines its neutrality by not operating a competing centralized exchange, decentralized exchange or lending protocol, plans a deployment on Arc followed by broader multichain support.
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