Circle debuts cirBTC on Ethereum to challenge Coinbase in the wrapped bitcoin market
Circle has launched cirBTC, a new wrapped bitcoin token on the Ethereum network, aiming to compete with Coinbase's cbBTC and BitGo's wBTC. The token is backed 1:1 by bitcoin, allowing holders to utilize their assets within decentralized finance (DeFi) protocols.
Why it matters
This launch intensifies the competition for institutional dominance in the synthetic bitcoin market, which currently serves as a bridge for bitcoin holders to access DeFi utility on the Ethereum blockchain.
Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Circle debuts cirBTC on Ethereum to challenge Coinbase in the wrapped bitcoin market Circle unveiled cirBTC, a token backed 1:1 by the world s largest cryptocurrency, to allow traders to use their bitcoin wealth in DeFi protocols. By Jamie Crawley | Edited by Sheldon Reback Jun 9, 2026, 10:14 a.m. 2 min read Make preferred on (Sandali Handagama/ CoinDesk) What to know : Circle s wrapped version of bitcoin is live on Ethereum as the stablecoin company takes on Coinbase for dominance of the synthetic BTC market. Circle is pitching cirBTC to institutions that focus their crypto allocation on bitcoin and may be familiar with Circle and trust its infrastructure because of its position in the stablecoin market. Total synthetic bitcoin market cap hovers between $12.5 billion and $13.5 billion, demonstrating it is still a niche area.
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