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Circle Launches cirBTC on Ethereum Yesterday to Challenge Coinbase's cbBTC

GateNews
Project Progress
ETH-0.50%
BTC-1.24%
WBTC-0.69%

According to CoinDesk, Circle launched cirBTC on Ethereum yesterday (June 9), a 1:1 bitcoin-backed wrapped token designed for decentralized finance applications. The product directly competes with Coinbase's cbBTC, which holds a market capitalization of approximately US$5.4 billion, and Wrapped Bitcoin (wBTC), the market leader with US$7.3 billion.

The broader synthetic bitcoin token market is valued at US$12.5 billion to US$13.5 billion, representing roughly 1% of Bitcoin's total market capitalization of approximately US$1.25 trillion.

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