Circle’s wrapped Bitcoin token, cirBTC, has surpassed 5,000 issued tokens since its launch on June 8, 2026, marking a significant milestone in its early adoption within the institutional-grade wrapped Bitcoin market. The token’s supply experienced rapid growth, increasing from approximately 40 tokens in mid-August 2026 to over 5,000 by late 2026, a more than 100-fold expansion in a matter of months.
Each cirBTC is backed 1:1 by native Bitcoin held in custody by Circle National Trust, a federally chartered trust bank. This regulated custody arrangement is a key differentiator, offering a level of compliance and trust that may appeal to institutional investors. Transparency regarding the backing is provided through Chainlink Proof of Reserve, which offers real-time on-chain verification.
Users can mint and redeem cirBTC via Circle Mint, the same platform used for Circle’s USD Coin (USDC). This integration offers a streamlined experience for existing Circle customers, as the APIs are identical to those used for USDC, potentially reducing the technical barrier for institutions already integrated with Circle’s ecosystem.
CirBTC is available on both the Ethereum mainnet and Circle’s own Layer 1 blockchain, Arc. The token enters a competitive market that includes established players like Wrapped Bitcoin (wBTC) and Coinbase’s cbBTC. Circle is positioning cirBTC as an institutional-grade contender, emphasizing its regulated custody and reserve verification processes.
As of September 24, 2026, the circulating supply of cirBTC was approximately 4,300.68 tokens, with total reserves standing at roughly 4,448.19 BTC. This data indicates a reserve cushion beyond the 1:1 backing.
Circle is emphasizing collateralized borrowing as a practical use case for cirBTC. However, the long-term success of cirBTC will likely depend on its ability to achieve liquidity depth comparable to established tokens like wBTC across major decentralized finance (DeFi) protocols. Deep liquidity is crucial for institutions to manage large positions efficiently without significant market impact.
The federally chartered status of Circle National Trust provides cirBTC with a compliance profile that may be difficult for competitors to replicate quickly. As regulatory clarity around tokenized assets and digital custody continues to evolve in the U.S., a federally chartered custodian could become a prerequisite for certain institutional investors.
Why This Matters
The materials describe a narrow update: Circle launched cirBTC, a 1:1 Bitcoin-backed token, on June 8, 2026. Whether cirBTC can close the gap with wBTC in terms of liquidity depth across major DeFi protocols.
Broader Context
Source materials place the factual news in this context: Circle launched cirBTC on June 8, 2026.
