Circle just walked into the wrapped Bitcoin market and planted a flag.
The stablecoin company best known for USDC quietly went live with cirBTC on Ethereum mainnet on June 8, a 1:1 Bitcoin-backed ERC-20 token aimed at a market that has been dominated by a single product for the better part of seven years. The launch is small for now, but the pitch behind it is anything but. Circle is telling institutions that the wrapped Bitcoin space has been built around exchanges that quietly compete with their own clients, and that a neutral issuer is what the next phase of on-chain Bitcoin actually needs. Whether the market...
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