Circle's institutional bitcoin collateral cirBTC back in focus, supply stuck at 40 BTC

[DigitalToday reporter Yoonseo Lee (이윤서)] Circle's bitcoin tokenisation product cirBTC is already operating on Ethereum, but its circulating supply remains at about 40 BTC.

On Aug. 12 (local time), blockchain media outlet The Defiant reported that Circle highlighted cirBTC again that day as a neutral collateral tool for institutions. The product is not new, and has been running on Ethereum since June 8.

Market adoption of cirBTC remains limited. Based on Etherscan, the contract's maximum total supply was 40.01955869 cirBTC, and the number of holder addresses was tallied at 11. CoinGecko also classifies the asset as "preview only" and says it cannot be traded on the centralised exchanges and decentralised exchanges (DEX) it tracks.

Circle said it supports institutional participants in issuing and redeeming cirBTC through Circle Mint. The only network Circle says it currently supports is Ethereum. Arc was presented as the next deployment target, and Circle plans to expand multichain support. Arc support may vary depending on whether relevant regulatory approval is obtained.

The issuance structure is also designed for an institutional product. cirBTC is issued by Circle International Bermuda Limited, a federally chartered national trust bank and qualified custodian supervised by the U.S. Office of the Comptroller of the Currency (OCC). The underlying bitcoin is held through a Bermuda affiliate, and custody is handled by Circle National Trust solely for cirBTC holders, it explained.