Hedera

Wrapped Bitcoin

Huobi BTC

cbBTC

OKX Wrapped BTC

Stablecoin issuer Circle said it plans to launch its own version of a wrapped Bitcoin, which would put it against incumbents Coinbase and BitGo as it targets institutional users.&nbsp;
The asset, called cirBTC and <a href="https://x.com/circle/status/2039734602281918874" rel="noopener noreferrer nofollow">announced</a> on Thursday, is set to launch on Ethereum, backed 1:1 by bitcoin (<a rel="noopener noreferrer nofollow">BTC</a>) and aimed at over-the-counter desks, market makers and lending protocols.&nbsp;
Circle said the asset is designed to provide institutions with a “highly secure and neutral version of wrapped BTC.”
Financial institutions, which have become significant buyers of Bitcoin, have been actively exploring decentralized finance. Wrapped versions of Bitcoin would allow the asset to be used on other chains, such as Ethereum, giving them access to DeFi.&nbsp;
In addition to Ethereum, the new asset will also launch on Circle’s layer-1 blockchain Arc and its Circle Mint platform, said Circle.&nbsp;
Cointelegraph contacted Circle for further details, but did not receive an immediate response.&nbsp;
<h2 id="circle-joins-race-led-by-coinbase-and-bitgo">Circle joins race led by Coinbase and BitGo</h2>
Circle’s new wrapped Bitcoin joins a market currently led by BitGo’s Wrapped Bitcoin (WBTC) and Coinbase Wrapped Bitcoin (cbBTC).
Coinbase’s cbBTC was <a href="https://cointelegraph.com/news/coinbase-launches-wrapped-bitcoin-product" rel="noopener noreferrer nofollow">launched</a> in September 2024 and has a current market capitalization of $5.9 billion and a current supply of 88,800 tokens.&nbsp;
BitGo’s wBTC is the dominant <a href="https://cointelegraph.com/research/wrapped-bitcoin-in-defi-evaluating-wbtc-cbbtc-and-tbtc" rel="noopener noreferrer nofollow">wrapped Bitcoin</a> token, with a market capitalization of about $8 billion and 119,157 tokens in circulation. However, that figure is roughly half its November 2021 peak, when Bitcoin hit its cycle all-time high.
Related: <a href="https://cointelegraph.com/news/wbtc-expands-hedera-bitcoin-liquidity-defi-rails" rel="noopener noreferrer nofollow">WBTC expands to Hedera as Bitcoin liquidity flows into new DeFi rails</a>
<figure><img src="https://s3.cointelegraph.com/uploads/2026-04/019d5158-84e0-7314-bee0-58c637750fb3.jpg" alt="Circle to launch cirBTC wrapped Bitcoin, challenging BitGo and Coinbase">
 <figcaption>WBTC supply has declined over the past few years. Source: <a href="https://dune.com/queries/1105409/1888687" rel="noopener noreferrer nofollow">Dune</a>
 </figcaption>
</figure>
<h2 id="crypto-exchanges-launched-their-own-wrapped-bitcoin">Crypto exchanges launched their own wrapped Bitcoin</h2>
Several crypto exchanges have launched variations of wrapped Bitcoin, including <a href="https://cointelegraph.com/news/kraken-launches-kbtc-wrapped-btc" rel="noopener noreferrer nofollow">Kraken Wrapped BTC</a> (KBTC), Gate Wrapped BTC (GTBTC), Binance Wrapped BTC (BBTC), Huobi BTC (HBTC) and OKX Wrapped BTC (XBTC), but their market caps are a fraction of the two leaders.&nbsp;
The total combined supply of wBTC and cbBTC stands at roughly 208,000 BTC, according to CoinGecko.
Magazine: <a href="https://cointelegraph-magazine.com/newbies-guide-surviving-crypto-winter/" rel="noopener noreferrer nofollow">Your guide to surviving this mini-crypto winter</a>

Circle to launch cirBTC wrapped Bitcoin, challenging BitGo and Coinbase

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