👀 Circle Introduces Wrapped Bitcoin on the Ethereum Network 🔹 Circle, the issuer of the USDC stablecoin, has introduced cirBTC, a wrapped Bitcoin on the Ethereum network. The asset is positioned as a practical expansion of the premier cryptocurrency's capabilities, tailored specifically for institutional counterparties. 🔹 The cirBTC token is fully backed by Bitcoin at a 1:1 ratio. Issuance and redemption are managed by the subsidiary Circle Mint. The underlying Bitcoins remain under Circle's custody but are held entirely separate from corporate funds. 🔹 By leveraging cirBTC, institutional counterparties can gain direct access to the DeFi ecosystem without needing to liquidate their crypto holdings. Real-time monitoring and collateral auditing are powered by Chainlink's Proof of Reserve system. 🔹 In its initial phase, the asset will be exclusively available on the Ethereum network. Future support will expand to Circle's upcoming proprietary Layer-1 blockchain, Arc.