Circle, a stablecoin issuer, has announced its intention to offer a wrapped Bitcoin, positioning itself to compete with BitGo and Coinbase among institutional customersCircle, a stablecoin issuer, has announced its intention to offer a wrapped Bitcoin, positioning itself to compete with BitGo and Coinbase among institutional customers

Circle Enters Wrapped Bitcoin Race with cirBTC

2026/04/03 18:41
2 min read
For feedback or concerns regarding this content, please contact us at crypto.news@mexc.com
  • According to Circle, the asset’s primary goal is to provide institutions with a neutral, highly secure alternative to wrapped Bitcoin.
  • The most popular wrapped Bitcoin token, wBTC, is offered by BitGo and has 119,157 tokens in circulation. Its market cap is at $8 billion.

Circle, a stablecoin issuer, has announced its intention to offer a wrapped Bitcoin, positioning itself to compete with BitGo and Coinbase among institutional customers. On Thursday, the asset cirBTC was revealed. It will debut on Ethereum and will be backed 1:1 by bitcoin. It is designed for OTC desks, market makers, and lending protocols.

According to Circle, the asset’s primary goal is to provide institutions with a neutral, highly secure alternative to wrapped Bitcoin. Many banks and other financial organizations have started to invest heavily in Bitcoin and are looking at decentralized finance. Wrapped Bitcoins would make DeFi available on other chains like Ethereum by making the asset usable on other chains.

Tough Competition Ahead

The new asset will debut on Ethereum, Circle Mint, and their layer-1 blockchain Arc, according to Circle. The new wrapped Bitcoin from Circle follows in the footsteps of BitGo’s Wrapped Bitcoin (WBTC) and Coinbase’s Wrapped Bitcoin (cbBTC), which are the market leaders at the moment. With an initial quantity of 88,800 tokens and a market cap of $5.9 billion, Coinbase’s cbBTC debuted in September 2024.

The most popular wrapped Bitcoin token, wBTC, is offered by BitGo and has 119,157 tokens in circulation. Its market cap is at $8 billion. But that’s just half of what it was in November 2021, when Bitcoin reached its all-time high for the cycle.

Wrapped Bitcoin variants have been introduced by a number of cryptocurrency exchanges, including as Kraken (KBTC), Gate (GTBTC), Binance (BBTC), Huobi (HBTC), and OKX (XBTC), but their market capitalization pale in comparison to those of the two front-runners. Based on data provided by CoinGecko, the combined supply of wBTC and cbBTC is around 208,000 BTC.

Highlighted Crypto News Today:

IMF Flags Financial Stability Risks Amid Growing Tokenization Boom

Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact crypto.news@mexc.com for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.

You May Also Like

Bitwise fund approval boosts mainstream crypto access

Bitwise fund approval boosts mainstream crypto access

The post Bitwise fund approval boosts mainstream crypto access appeared on BitcoinEthereumNews.com. ## Market Snapshot Bitcoin price prediction markets currently
Share
BitcoinEthereumNews2026/05/05 12:48
How to earn from cloud mining: IeByte’s upgraded auto-cloud mining platform unlocks genuine passive earnings

How to earn from cloud mining: IeByte’s upgraded auto-cloud mining platform unlocks genuine passive earnings

The post How to earn from cloud mining: IeByte’s upgraded auto-cloud mining platform unlocks genuine passive earnings appeared on BitcoinEthereumNews.com. contributor Posted: September 17, 2025 As digital assets continue to reshape global finance, cloud mining has become one of the most effective ways for investors to generate stable passive income. Addressing the growing demand for simplicity, security, and profitability, IeByte has officially upgraded its fully automated cloud mining platform, empowering both beginners and experienced investors to earn Bitcoin, Dogecoin, and other mainstream cryptocurrencies without the need for hardware or technical expertise. Why cloud mining in 2025? Traditional crypto mining requires expensive hardware, high electricity costs, and constant maintenance. In 2025, with blockchain networks becoming more competitive, these barriers have grown even higher. Cloud mining solves this by allowing users to lease professional mining power remotely, eliminating the upfront costs and complexity. IeByte stands at the forefront of this transformation, offering investors a transparent and seamless path to daily earnings. IeByte’s upgraded auto-cloud mining platform With its latest upgrade, IeByte introduces: Full Automation: Mining contracts can be activated in just one click, with all processes handled by IeByte’s servers. Enhanced Security: Bank-grade encryption, cold wallets, and real-time monitoring protect every transaction. Scalable Options: From starter packages to high-level investment contracts, investors can choose the plan that matches their goals. Global Reach: Already trusted by users in over 100 countries. Mining contracts for 2025 IeByte offers a wide range of contracts tailored for every investor level. From entry-level plans with daily returns to premium high-yield packages, the platform ensures maximum accessibility. Contract Type Duration Price Daily Reward Total Earnings (Principal + Profit) Starter Contract 1 Day $200 $6 $200 + $6 + $10 bonus Bronze Basic Contract 2 Days $500 $13.5 $500 + $27 Bronze Basic Contract 3 Days $1,200 $36 $1,200 + $108 Silver Advanced Contract 1 Day $5,000 $175 $5,000 + $175 Silver Advanced Contract 2 Days $8,000 $320 $8,000 + $640 Silver…
Share
BitcoinEthereumNews2025/09/17 23:48
ArtGis Finance Partners with MetaXR to Expand its DeFi Offerings in the Metaverse

ArtGis Finance Partners with MetaXR to Expand its DeFi Offerings in the Metaverse

By using this collaboration, ArtGis utilizes MetaXR’s infrastructure to widen access to its assets and enable its customers to interact with the metaverse.
Share
Blockchainreporter2025/09/18 00:07

Starter Gold Rush: Win $2,500!

Starter Gold Rush: Win $2,500!Starter Gold Rush: Win $2,500!

Start your first trade & capture every Alpha move