Circle’s cirBTC held 40 BTC at Aug. 27 snapshot as Arc becomes next distribution test

Circle’s wrapped Bitcoin product, cirBTC, held 40 BTC at an Aug. 27 snapshot, according to CryptoSlate. The reserve was overcollateralized at the time, but cirBTC remained far smaller than competing wrapped Bitcoin products WBTC and cbBTC, which were each thousands of times larger. Circle CEO Jeremy Allaire has described the company as having built “the platform for the internet financial system.” The company’s next distribution test is expected to involve Arc, while the scale of cirBTC remains limited relative to established alternatives. The update is relevant to Bitcoin market participants tracking the adoption and distribution of tokenized BTC products across crypto networks.