Circle Launches cirBTC on Ethereum with 1:1 Bitcoin Backing for Institutional DeFi

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According to Circle, cirBTC has launched on Ethereum, providing institutions with 1:1 bitcoin-backed collateral for decentralized finance markets. The token is backed by native BTC held in Circle custody at a 1:1 ratio, with on-chain reserve transparency enabled through Chainlink's Proof of Reserves.

cirBTC integrates with Circle Mint for minting and redemption, working alongside USDC to create a unified operational model combining dollar liquidity and bitcoin collateral. Circle plans to expand cirBTC to multiple blockchains through its Arc bridge protocol.

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