According to Circle, the asset’s primary goal is to provide institutions with a neutral, highly secure alternative to wrapped Bitcoin.
The most popular wrapped Bitcoin token, wBTC, is offered by BitGo and has 119,157 tokens in circulation. Its market cap is at $8 billion.
Circle, a stablecoin issuer, has announced its intention to offer a wrapped Bitcoin, positioning itself to compete with BitGo and Coinbase among institutional customers. On Thursday, the asset cirBTC was revealed. It will debut on Ethereum and will be backed 1:1 by bitcoin. It is designed for OTC desks, market makers, and lending protocols.
According to Circle, the asset’s primary goal is to provide institutions with a neutral, highly secure alternative to wrapped Bitcoin. Many banks and other financial organizations have started to invest heavily in Bitcoin and are looking at decentralized finance. Wrapped Bitcoins would make DeFi available on other chains like Ethereum by making the asset usab
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