cirBTC Goes Live as Circle Eyes WBTC’s 85% Share

TLDR

• Circle launched cirBTC on the Ethereum mainnet on June 8, 2026, targeting WBTC’s $9 billion wrapped Bitcoin market share.
• The cirBTC token maintains one-to-one Bitcoin backing held in segregated, regulated custody accounts for institutions.
• Chainlink Proof of Reserve
• enables real-time on-chain verification of cirBTC Bitcoin reserves without third-party\ attestations.
• WBTC controls about 85% of the wrapped Bitcoin market with roughly 119000 tokens in circulation.
• Coinbase’s cbBTC has reached a market value of about $ 5.9 billion since its launch in September 2024.

Circle has introduced cirBTC, a 1:1 Bitcoin-backed ERC-20 token live on the Ethereum mainnet since June 8, 2026. The product targets institutional desks seeking Bitcoin collateral inside Ethereum smart contracts. It directly challenges WBTC’s roughly $9 billion market and 85% segment share with real-time reserve verification.

cirBTC Enters Tokenized Bitcoin Market With On-Chain Verification

Circle built cirBTC for institutions, including OTC desks, market makers, lenders, and DeFi protocols. The token runs on Ethereum as an ERC-20 asset backed by native Bitcoin in regulated custody. Circle Mint manages issuance and redemption through its institutional liquidity platform.

Chainlink Proof of Reserve verifies backing in real time through visible Bitcoin wallet addresses. Counterparties can confirm reserves on-chain without waiting for periodic attestations. Circle stated that “each cirBTC token is fully backed by segregated Bitcoin holdings.”

Circle keeps Bitcoin reserves separate from its corporate assets. Firms can hold native BTC in custody while cirBTC circulates within Ethereum applications. The infrastructure extends the same settlement rails that support USDC operations.

WBTC Maintains Lead as cirBTC Targets Institutional Flows

BitGo launched Wrapped Bitcoin in January 2019 and retains control as the sole custodian. WBTC holds about 119,000 tokens, representing roughly $8–9 billion in market value. The product controls close to 85% of the wrapped Bitcoin segment.

Coinbase introduced cbBTC in September 2024 as an institutional alternative. The token reached approximately $5.9 billion in market capitalization. Exchange-backed products from Kraken, Binance, Bitget, and OKX hold the remaining share.

Circle positions cirBTC as a neutral issuer without exchange operations. The company does not run a centralized exchange, DEX, or lending desk. Circle stated that “neutral infrastructure reduces information conflicts for institutional clients.”

The total tokenized Bitcoin supply across wrappers stands between $15 billion and $20 billion in Q2 2026. That figure represents under 2% of Bitcoin’s $1.7 trillion market capitalization. Institutional demand for regulated on-chain Bitcoin formats has increased since 2024.

Circle enters the segment with its USDC distribution network and institutional relationships. The company extends its custody and minting model to Bitcoin-backed collateral. The product remains live on the Ethereum mainnet as of June 8, 2026.

The post cirBTC Goes Live as Circle Eyes WBTC’s 85% Share appeared first on CoinCentral.