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Circle Launches cirBTC on Ethereum Yesterday to Challenge Coinbase's cbBTC

Project Progress

2026-06-10 00:01:24

ETH-1.89%

BTC-1.68%

WBTC-2.45%

According to CoinDesk, Circle launched cirBTC on Ethereum yesterday (June 9), a 1:1 bitcoin-backed wrapped token designed for decentralized finance applications. The product directly competes with Coinbase's cbBTC, which holds a market capitalization of approximately US$5.4 billion, and Wrapped Bitcoin (wBTC), the market leader with US$7.3 billion.

The broader synthetic bitcoin token market is valued at US$12.5 billion to US$13.5 billion, representing roughly 1% of Bitcoin's total market capitalization of approximately US$1.25 trillion.

Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.

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