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Circle’s cirBTC goes live on Ethereum with limited token supply
cirBTC has been live on Ethereum since June 8, with a maximum total supply of about 40.0 tokens and reserve dashboard data showing roughly 40.0 cirBTC backed by about 42.5 BTC as of Aug. 11.
Circle is continuing its push for cirBTC as neutral institutional collateral on Ethereum, but the token is not brand new. In an Aug. 12 update, Circle said cirBTC has been live on the Ethereum network since June 8 and showed only about 40 cirBTC outstanding at the time of review.
According to token and tracker data cited in the article, an Etherscan contract page showed a maximum total supply of 40.01955869 cirBTC and 11 holder addresses. CoinGecko labels the asset “preview only” and says it is not available on the centralized and decentralized exchanges it tracks.
Circle said cirBTC can be minted and redeemed by eligible institutional participants via Circle Mint, and that the underlying bitcoin is held by Circle’s Bermuda affiliate and custodied by Circle National Trust for the exclusive benefit of cirBTC holders. The article also notes that a Circle reserve dashboard timestamped Aug. 11 at 8 a.m. showed about 40.02159077 cirBTC in supply against about 42.5070808 BTC in reserves, with the BTC reserve addresses and balances listed for onchain inspection.
For transparency, Circle said cirBTC uses Chainlink Proof of Reserve rather than a monthly attestation model. Chainlink describes the approach as publishing verified reserve data onchain, and the article adds that Circle’s “neutrality” is defined commercially, meaning it does not operate competing centralized exchanges, decentralized exchanges, or lending protocols.
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