Circle launched cirBTC, a Bitcoin-backed token, in June 2026. The token supply grew rapidly from about 40 in mid-August to over 5,000 by late September, reflecting strong institutional interest in compliant BTC exposure for DeFi. cirBTC is backed 1:1 by Bitcoin held in custody by Circle National Trust, a federally chartered bank, with real-time reserve verification via Chainlink Proof of Reserve. The token competes with established wrapped Bitcoin products like wBTC and Coinbase's cbBTC, emphasizing regulatory compliance and ease of integration for institutions already using Circle's USDC platform. The key challenge ahead is increasing liquidity depth to match competitors, which is crucial for large institutional users.
Circle's cirBTC token issuance milestone is presented here with Pluang's market data for context. For readers following cryptocurrency markets, 41 of 50 major cryptocurrencies on Pluang rose today while 8 fell. Notable movers include AAVE at Rp2.737.500 with a 6.28% increase and 73% buy order activity, ENJ at Rp530 up 5.69% with 91% buy orders, and LINK at Rp249.848 rising 5.68% with 79% buy orders. This data is as of Sep 26, 2026 05:41 WIB.
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