Circle announced this Friday the deployment and institutional use cases of its new wrapped Bitcoin, dubbed cirBTC, available on the Ethereum and Arc networks. Backed 1:1 by BTC under the custody of Circle National Trust and featuring onchain proof of reserves via Chainlink, the asset aims to transform idle reserves into operational tools without forcing the sale of the underlying asset.
With this new tool, treasuries, miners, and trading firms alike will be able to deploy their collateral across decentralized credit markets, liquidity provision, and programmable settlement. By integrating natively with the USDC ecosystem, the protocol mitigates operational risks and delivers an institutional-grade standard compared to other wrapped alternatives on the market.
Through this move, Circle establishes cirBTC as a core component for cross-network on-chain financing. Upcoming milestones will focus on driving adoption across leading DeFi protocols and expanding into additional smart contract-compatible environments.
Source: https://www.circle.com/blog/wrapped-bitcoin-from-idle-to-productive-btc-collateral
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