Circle’s cirBTC Takes Aim at Coinbase’s $6 Billion cbBTC Months Before Key Deal Renewal
Bitcoin
Circle announced cirBTC on April 2, 2026, a wrapped Bitcoin (BTC) token backed 1:1 by native BTC with real-time onchain reserve verification, marking the firm’s first expansion beyond stablecoins into tokenized BTC infrastructure. The announcement puts Circle in direct competition with its largest distribution partner at a commercially sensitive moment. A Trust Problem Worth $1. 7 Trillion Circle, the issuer of USDC stablecoin, frames cirBTC as a neutral, institution-grade alternative to existing wrapped BTC products
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