Circle Internet Group (NASDAQ: CRCL) is getting into the wrapped bitcoin game with its own version called cirBTC, according to its website.
Like other wrapped bitcoin tokens, cirBTC will be backed 1:1 by actual BTC and designed to provide more utility for the first and largest cryptocurrency.
“cirBTC is designed to provide institutions with a highly secure and neutral version of wrapped BTC,” the company wrote on its website, which introduced a waiting list for the new asset.
Circle said cirBTC will be fully integrated with its existing tech stack, including its bespoke Layer 1 blockchain Arc and the Circle Mint stablecoin redemption and issuance platform. The token will launch first on the Ethereum mainnet and Arc.
Circle Mint is used to access USDC, the second-largest dollar stablecoin by market cap, and EURC, the largest euro-stablecoin on the market.
While several different wrapped BTC tokens exist, including cbBTC issued by longtime Circle partner Coinbase, the company is looking to position cirBTC as the “institutional-grade global standard.”
CirBTC is “well-suited for OTC desks, market makers, lending protocols, and others that require neutral, secure, and high-performance tokenized BTC,” Circle wrote.
The first and largest wrapped bitcoin token, wBTC, was created by BitGo in 2019 and is now overseen by a consortium including BitGo and Justin Sun-connected entities.
Some parties cut ties with or reduced their exposure to wBTC due to concerns around Sun’s involvement.
CirBTC will be one of a few non-stablecoin Circle products. The firm also maintains the USYC yield-bearing tokenized money market fund following its acquisition of Hashnote, and is reportedly looking into launching a native token for its EVM-compatible Arc Layer 1 blockchain, which is expected to mainnet this year.
Circle's original flagship product for sending bitcoin payments, Circle Pay, was sunsetted in 2019 as the firm pivoted to focus solely on stablecoins.
CRCL is trading at $89.56, down 1.29% on the day, according to The Block's price data.
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