Circle’s cirBTC is now live on Ethereum, giving institutions a new 1:1 BTC-backed token designed for collateral, lending, trading and settlement activity across Ethereum-based DeFi markets. The product gives Bitcoin holders a way to move BTC exposure into smart-contract markets without selling the underlying asset. Native Bitcoin does not interact directly with Ethereum applications, so wrapped BTC products are used to represent BTC on programmable chains. Circle is entering that market with a version aimed at institutions that want clearer custody, reserve visibility and issuer neutrality.