Circle to launch cirBTC wrapped Bitcoin, challenging BitGo and Coinbase
Circle, known for issuing stablecoins including USDC and EURC, is expanding into the Bitcoin space, targeting institutional users.
Stablecoin issuer Circle said it plans to launch its own version of a wrapped Bitcoin, which would put it against incumbents Coinbase and BitGo as it targets institutional users.
The asset, called cirBTC and announced on Thursday, is set to launch on Ethereum, backed 1:1 by bitcoin (BTC) and aimed at over-the-counter desks, market makers and lending protocols.
Circle said the asset is designed to provide institutions with a “highly secure and neutral version of wrapped BTC.”