Home›Crypto›Stablecoins›Circle’s cirBTC is live on Ethereum with about 40 toke…

Circle’s cirBTC is live on Ethereum with about 40 tokens outstanding

Circle says cirBTC is backed by segregated bitcoin held at Circle National Trust, and its Aug. 11 reserve dashboard showed roughly 40.0 cirBTC in supply against 42.5 BTC in reserves.

Reported · Written up by our desk · Stablecoins

Circle has renewed its push for cirBTC, positioning the tokenized bitcoin as neutral institutional collateral, but the product is not a new launch. The token has been live on Ethereum since June 8, and at the time of review it had only about 40 tokens outstanding, with an Etherscan contract supply maximum of 40.01955869 cirBTC and 11 holder addresses.

The Defiant reports that distribution has remained limited. CoinGecko labels cirBTC as “preview only” and says it is unavailable on the centralized and decentralized exchanges it tracks, even though eligible institutional participants can mint and redeem cirBTC via Circle Mint, Circle’s workflow for issuance and redemption.

Circle says the token is issued by Circle International Bermuda Limited, which it identifies as a Class F digital asset business regulated by the Bermuda Monetary Authority. Circle National Trust, described by Circle as a federally chartered national trust bank and qualified custodian, holds the underlying bitcoin exclusively for cirBTC holders, with the June launch post stating the BTC is segregated from Circle’s corporate assets.

Circle says it uses Chainlink Proof of Reserve, publishing verified reserve data onchain rather than relying on a monthly attestation model. According to the outlet’s review of Circle’s reserve dashboard timestamped Aug. 11 at 8 a.m., it showed 40.02159077 cirBTC in supply against 42.5070808 BTC in reserves, and listed reserve addresses with onchain balances counterparties can inspect.

Latest closeBitcoin $63,345.60 ▼0.3%|Ethereum $1,876.43 ▼0.3%

More like this

Sources