{
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    "date": "2026-04-03T08:48:36",
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    "slug": "usdc-stablecoin-issuer-circle-unveils-new-token-to-give-bitcoin-more-utility",
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        "rendered": "USDC Stablecoin Issuer Circle Unveils New Token to Give Bitcoin More Utility"
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        "rendered": "<div>\n<div>\n<h4 color=\"#333\">In brief<\/h4>\n<ul>\n<li>Circle is launching cirBTC, a wrapped Bitcoin alternative designed to unlock Bitcoin utility for institutions and investors.<\/li>\n<li>The token will first launch on Ethereum mainnet and Arc, Circle&#8217;s stablecoin focused blockchain.<\/li>\n<li>cirBTC will join notable wrapped Bitcoin products like BitGo&#8217;s WBTC and Coinbase&#8217;s cbBTC.<\/li>\n<\/ul>\n<\/div>\n<p><span>Publicly traded <\/span><a href=\"https:\/\/decrypt.co\/resources\/stablecoins\" target=\"_blank\"><span>stablecoin<\/span><\/a><span> issuer Circle wants to unlock utility for the world\u2019s largest crypto asset. Its solution? A new wrapped <\/span><a href=\"https:\/\/decrypt.co\/resources\/what-is-bitcoin-four-minute-instant-guide-explainer\" target=\"_blank\"><span>Bitcoin<\/span><\/a><span> token\u2014cirBTC\u2014backed 1:1 with native on-chain Bitcoin reserves.\u00a0<\/span><\/p>\n<p><span>\u201cBitcoin is sitting on the sidelines of DeFi. Not because people don&#8217;t want yield or liquidity\u2014it&#8217;s because they don&#8217;t trust the wrapper,\u201d Rachel Mayer, VP of product at Circle and the Arc blockchain, <\/span><a href=\"https:\/\/x.com\/0xrachelita\/status\/2039739679461826970?s=20\" target=\"_blank\" rel=\"nofollow external noopener\"><span>posted on X<\/span><\/a><span>.\u00a0<\/span><\/p>\n<p><span>\u201ccirBTC is Circle&#8217;s answer: 1:1 backed, on-chain-verifiable, and built on infrastructure the market already trusts,\u201d she added.\u00a0<\/span><\/p>\n<p><span>Circle <a href=\"https:\/\/www.circle.com\/cirbtc\" target=\"_blank\" rel=\"nofollow external noopener\">claims its \u201cproven credibility\u201d and \u201cfull-stack flexibility\u201d<\/a> will make cirBTC an attractive alternative for institutions looking to add utility to BTC.<\/span><\/p>\n<p><span>In other words, the firm expects that users want to put their Bitcoin to work, like via lending or borrowing in decentralized finance (DeFi) applications. Using a wrapped Bitcoin product allows them to engage with DeFi protocols and smart contracts on networks beyond the native Bitcoin blockchain.\u00a0<\/span><\/p>\n<p><span>The token will first launch on <a href=\"https:\/\/decrypt.co\/resources\/what-is-ethereum-quickly-explained-four-minute-guide\" target=\"_blank\">Ethereum<\/a> mainnet and<a href=\"https:\/\/decrypt.co\/resources\/what-is-arc-the-stablecoin-blockchain-from-usdc-issuer-circle#:~:text=What%20Is%20Arc?,From%20USDC%20Issuer%20Circle%20%2D%20Decrypt\" target=\"_blank\"> Arc<\/a>, the stablecoin-focused blockchain incubated by the firm, with ready-made integrations with its dollar-backed stablecoin <\/span><a href=\"https:\/\/decrypt.co\/resources\/what-is-us-dollar-coin-usdc\" target=\"_blank\"><span>USDC<\/span><\/a><span> and Circle Mint, its stablecoin issuance platform.\u00a0<\/span><\/p>\n<p><span>\u201cWe are bringing the same infra that supports USDC, EURC, and USYC to the largest digital asset, creating a neutral infrastructure for new applications for on-chain BTC,\u201d Circle co-founder and CEO Jeremy Allaire <\/span><a href=\"https:\/\/x.com\/jerallaire\/status\/2039738698628223219?s=20\" target=\"_blank\" rel=\"nofollow external noopener\"><span>posted on X<\/span><\/a><span>.\u00a0<\/span><\/p>\n<p><span>Circle\u2019s wrapped alternative joins existing wrapped Bitcoin tokens like BitGo\u2019s <\/span><a href=\"https:\/\/decrypt.co\/resources\/what-is-wbtc-explained-bitcoin-ethereum-defi\" target=\"_blank\"><span>Wrapped Bitcoin<\/span><\/a><span> (WBTC) and cbBTC, a similar <\/span><a href=\"https:\/\/decrypt.co\/248997\/coinbase-launches-wrapped-bitcoin-token-following-bitgo-wbtc-controversy\" target=\"_blank\"><span>token offered by Coinbase<\/span><\/a><span> that can be used on multiple blockchains.\u00a0<\/span><\/p>\n<p><span>But the alternative options are not free of controversy.<\/span><\/p>\n<p><span>In August 2024, the custodian of WBTC announced it was partnering with BiT Global, a firm with connections to Tron founder Justin Sun. That <\/span><a href=\"https:\/\/decrypt.co\/247770\/why-etf-issuer-21shares-is-launching-a-new-wrapped-bitcoin-on-ethereum\" target=\"_blank\"><span>invited criticisms from some in the crypto community<\/span><\/a><span>, who were wary of the connection to Sun.\u00a0<\/span><\/p>\n<p><span>Following that move, Coinbase launched cbBTC, earning its own criticisms from Sun, who mocked the asset as the <\/span><a href=\"https:\/\/decrypt.co\/249189\/coinbase-wrapped-bitcoin-sparks-pushback-from-justin-sun\" target=\"_blank\"><span>\u201ccentral bank of Bitcoin.\u201d<\/span><\/a><span>\u00a0<\/span><\/p>\n<p><span>Following the launch of its own wrapped Bitcoin product, Coinbase ultimately delisted WBTC from its crypto exchange, <\/span><a href=\"https:\/\/decrypt.co\/296540\/bit-global-sues-coinbase-delisting-wrapped-bitcoin\" target=\"_blank\"><span>leading to a lawsuit from BiT Global<\/span><\/a><span> that alleged a \u201cpredatory and unfair move.\u201d That suit <\/span><a href=\"https:\/\/decrypt.co\/324211\/justin-sun-bit-global-drops-coinbase-lawsuit-wrapped-bitcoin\" target=\"_blank\"><span>was eventually dropped<\/span><\/a><span>.<\/span><\/p>\n<p><span>At the time of writing, BitGo\u2019s WBTC remains the largest wrapped Bitcoin alternative, maintaining a market cap of nearly $8 billion at the time of writing. Coinbase\u2019s cbBTC has nearly a $6 billion market cap.\u00a0<\/span><\/p>\n<p><span>Shares in Circle (CRCL) closed down 0.53% on Thursday, recently changing hands around $90.26. They have now fallen nearly 40% in the last six months.<\/span><\/p>\n<div>\n<h3>Daily Debrief Newsletter<\/h3>\n<p>Start every day with the top news stories right now, plus original features, a podcast, videos and more.<\/p>\n<\/div>\n<\/div>",
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        "rendered": "<p>In brief Circle is launching cirBTC, a wrapped Bitcoin alternative designed to unlock Bitcoin utility for institutions and investors. The [&hellip;]<\/p>",
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