Circle Launches cirBTC on Ethereum, Competing with Coinbase's Wrapped Bitcoin

Circle, the company behind the popular stablecoin USDC, has launched cirBTC, a new token that is backed 1:1 by Bitcoin. This token allows Bitcoin holders to use their assets in decentralized finance (DeFi) protocols on the Ethereum network. By bridging Bitcoin and Ethereum, Circle aims to provide a seamless way for users to leverage their Bitcoin holdings in DeFi applications.

cirBTC is designed to compete with Coinbase's wrapped Bitcoin (WBTC), which has been a major player in the market. Circle's entry into this space is significant as it brings another trusted name into the wrapped Bitcoin ecosystem. The launch of cirBTC could potentially increase competition and provide users with more options for using their Bitcoin in DeFi.

For everyday users, this means more flexibility in managing their crypto assets. By using cirBTC, Bitcoin holders can participate in Ethereum-based DeFi protocols, such as lending, borrowing, and yield farming, without having to sell their Bitcoin. This could open up new opportunities for users to earn returns on their Bitcoin holdings in a different ecosystem.

Circle's move also highlights the growing demand for interoperability between different blockchain networks. As the crypto market continues to evolve, the ability to use assets across multiple platforms is becoming increasingly important. Users should watch for further developments in this space, as more companies may introduce similar products to facilitate cross-chain transactions. Read more → https://www.coindesk.com/business/2026/06/09/circle-debuts-cirbtc-on-ethereum-to-challenge-coinbase-in-the-wrapped-bitcoin-market