1 month ago
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Key Takeaways
- Chainlink publishes cirBTC reserve data onchain.
- Reported reserves exceed the current token supply.
- The reserve feed is not an audit.
- Reserve-linked minting controls were not announced.
- Direct access remains focused on qualified businesses.
What Chainlink changes for cirBTC
Native Bitcoin cannot move directly through Ethereum smart contracts. Wrapped tokens address that limitation by keeping BTC on the Bitcoin network while issuing a corresponding token on a programmable blockchain.
Circle’s cirBTC is already live on Ethereum and is designed to maintain at least one BTC in reserve for every token issued. It can be used in compatible applications without requiring its holder to sell the underlying Bitcoin exposure.
The September 4 update changes how that backing can be monitored. Under Circle’s reserve-verification model, the company discloses the Bitcoin addresses hol...
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