Circle introduced cirBTC - a fully backed 1:1 "revolved" bitcoin launched on the Ethereum network. The new token focuses on institutional scenarios: decentralized finance (DeFi), over-the-counter transactions, marketing, treasury transfers, and intercompany settlements.

Core Bitcoin is held by the regulated entity Circle and is strictly separated from the company’s corporate funds. The issuance and termination of cirBTC is carried out through the Circle Mint platform, with an issuer being Circle International Bermuda Limited, licensed as a Class F in the jurisdiction of Bermuda. The transparency of reserves is confirmed in real time through integration with Chainlink Proof-of-Reserve.

Circle called Ethereum a "suitable starting point" for launch, emphasizing the principle of neutrality: the issuer’s incentive should be to spread the asset widely, not to redirect liquidity to its preferred location. Future plans include integrating cirBTC with the Arc solution and extending support to a multi-channel environment. The launch came a month after Circle raised $222 million through sales of ARC tokens.