Circle, the company behind USDC, has introduced a wrapped version of Bitcoin called cirBTC.

Circle Wrapped Bitcoin is coming.

Backed 1:1 by BTC and readily verifiable onchain, cirBTC is being built to work seamlessly with Circle infrastructure and the broader DeFi ecosystem.

Learn more: https://t.co/wWzVBZdIz1 pic.twitter.com/Db5U3InaNA

— Circle (@circle) April 2, 2026

The token will be backed by actual Bitcoins at a 1:1 ratio, aiming to enhance the functionality of digital gold. The issuer has opened a waitlist for registration.

“cirBTC is ideal for OTC platforms, market makers, lending protocols, and anyone needing a neutral, secure, and high-performance tokenized Bitcoin,” the issuer states.

Circle will fully integrate cirBTC into its technology stack, including the Arc blockchain and the Circle Mint platform for issuing and redeeming stablecoins. Initially, the asset will launch on Arc and Ethereum.

The wrapped Bitcoin will be one of the few products from Circle not related to stablecoins. The issuer manages a revenue-generating tokenized money market fund, USYC, and is reportedly preparing a native token for the Arc network.

Circle previously operated a Bitcoin payment service, Circle Pay, which was shut down in 2019 as the company shifted its focus solely to stablecoins.

There are several wrapped versions of Bitcoin in the market, with BitGo's WBTC being the largest, boasting a market cap of over $7.9 billion.

Source: CoinGecko.

In September 2024, a similar token, cbBTC, was launched by Coinbase, reaching a market value of $5.9 billion, according to CoinGecko.

To stand out among competitors, Circle is positioning cirBTC as the “global standard for institutional-grade” assets.

Recently, the USDC issuer has faced criticism from the community. In March, on-chain investigator ZachXBT accused the company of unjustly freezing 16 wallets.

In early April, this researcher and other industry representatives expressed outrage at Circle's response to the Drift Protocol hack, as the firm failed to promptly block the funds involved in the attack despite having the necessary tools.