Circle Brings cirBTC to Ethereum With Modest Early Traction

Circle is renewing interest in its institutional Bitcoin token known as cirBTC. While the product has been active on the Ethereum network since June 8, it is still in the early stages of adoption compared to other major players in the space.

Recent data shows about 40 tokens in circulation for cirBTC. This figure is small when measured against the massive supply of rival tokens like Wrapped Bitcoin and Coinbase Wrapped Bitcoin. Those established products hold over 116,000 and 97,000 tokens respectively.

Circle intends to position this asset as neutral collateral for institutional users. The market will be watching to see if the company can gain significant ground against the current leaders. Whether investors favor this new offering over the current standards remains the primary question for the coming months.