PANews reported on April 3rd that, according to The Block, Circle has launched cirBTC, a Bitcoin-wrapped token backed 1:1 by Bitcoin, designed to provide institutions with a "highly secure and neutral version of wrapped BTC." The token will initially be issued on the Ethereum mainnet and Circle's incubated Arc Layer 1 platform, and will fully integrate with Circle's existing technology stack, including the Arc blockchain and the Circle Mint platform. Circle states that cirBTC is suitable for over-the-counter trading platforms, market makers, lending protocols, and other institutions that require a neutral, secure, and high-performance tokenized version of Bitcoin. Currently, there are several other Bitcoin-wrapped tokens on the market, including cbBTC issued by long-term partner Coinbase, while the earliest wBTC saw some institutions reduce their exposure due to involvement with entities associated with Justin Sun.