Circle’s wrapped Bitcoin token cirBTC has crossed the 5,000-token milestone, growing from roughly 40 tokens in mid-August to this level, representing a supply increase of over 100x in just a few months. Each cirBTC is backed 1:1 by native Bitcoin held in custody by Circle National Trust, a federally chartered trust bank, with real-time on-chain verification through Chainlink Proof of Reserve. The token is minted and redeemed through Circle Mint, the same platform handling USDC, and is available on Ethereum mainnet and Arc, Circle’s own Layer 1 blockchain. cirBTC positions itself as a major institutional-grade contender against established wrapped Bitcoin offerings like wBTC and Coinbase’s cbBTC, emphasizing regulated custody and real-time reserve verification.
Source: Read the original article
