03.04.2026 06:42

Here is the rewritten English news report, incorporating your requirements:

**Definition:** cirBTC is a newly introduced wrapped version of Bitcoin.

**Paragraph 1:** The company Circle, responsible for the USDC stablecoin, has launched a wrapped Bitcoin token named cirBTC. This new asset is fully backed by real Bitcoin at a 1:1 ratio and is designed to be transparently verifiable directly on the blockchain. Circle emphasizes that cirBTC is engineered to integrate seamlessly with its existing infrastructure, including the Arc blockchain, and to function effectively within the broader decentralized finance (DeFi) ecosystem. Further details can be found via the provided link.

**Paragraph 2:** The primary objective of cirBTC is to enhance the utility of Bitcoin, often referred to as "digital gold." To facilitate access, Circle has initiated a registration process for users wishing to join the waiting list for this new token. According to Circle's official website, cirBTC is particularly well-suited for over-the-counter trading platforms, market-making operations, lending protocols, and any entity requiring a neutral, secure, and high-performance representation of Bitcoin.

**Paragraph 3:** Circle plans a comprehensive integration of cirBTC into its technological framework. This includes its Arc blockchain and the Circle Mint platform, which handles the issuance and redemption of stablecoins. Initially, cirBTC will be available on both the Arc network and the Ethereum blockchain. Notably, cirBTC represents a significant shift for Circle, as it is one of the few products from the company not directly linked to stablecoins. This move follows the closure of their previous Bitcoin payment service, Circle Pay, in 2019, as Circle redirected its focus entirely towards stablecoins.

**Paragraph 4:** The cryptocurrency market already hosts several wrapped Bitcoin variants. The dominant player remains WBTC (Wrapped Bitcoin) issued by BitGo, boasting a market capitalization exceeding $7.9 billion, as reported by CoinGecko. In September 2024, Coinbase exchange launched a similar token, cbBTC, which achieved a market value of $5.9 billion according to the same source. To differentiate itself in this competitive landscape, Circle is positioning cirBTC as a "global institutional-grade standard."

**Paragraph 5:** Recent weeks have seen Circle, the issuer of USDC, face significant criticism from the cryptocurrency community. In March, on-chain investigator ZachXBT publicly accused the company of unjustly freezing 16 user wallets. This criticism intensified in early April, when ZachXBT and other industry figures expressed outrage over Circle's response to the Drift Protocol hack. Critics argued that Circle failed to promptly freeze funds associated with the attack, despite possessing the necessary tools to do so.

**Sources:** Information regarding cirBTC's features, Circle's integration plans, and market data on WBTC and cbBTC is derived from Circle's announcements, official website statements, and reports from CoinGecko. Details concerning the community criticism stem from public statements by ZachXBT and industry representatives.