Circle Internet's (CRCL) wrapped version of bitcoin BTC$63,271.85, cirBTC, is live on Ethereum as the company best known for its dollar-pegged stablecoin takes on Coinbase (COIN) for dominance of the synthetic BTC market. The New York-based firm said it developed cirBTC, a token backed 1:1 by the world's largest cryptocurrency, to allow traders to access their bitcoin wealth in decentralized finance (DeFi) protocols, including lending, decentralized exchange (DEXs), tokenized assets and stablecoins.