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#stablecoin
A wrapped bitcoin called cirBTC quietly went live on the Ethereum mainnet on June 8.
It has recently been brought back into discussion because the market has started paying attention to its reserve mechanism.
Every cirBTC is backed by one native BTC.
These coins are deposited in Circle National Trust, a federally chartered trust bank regulated by the OCC.
On July 10, the trust’s final charter was just approved.
The reserves and Circle’s corporate assets are legally separated, so no one can move them.
The on-chain setup also includes Chainlink’s proof of reserves, with wallet addresses made public and available for verification at any time.
Aave’s governance layer began discussing in July whether cirBTC should be added as collateral.
Circle’s own Arc mainnet is scheduled to launch in September, and cirBTC will also move over there later.
In the wrapped bitcoin sector, the old players still have their share, with a market cap in the $9 billion range.
But the new entrants are playing a different game.
Custody has been shifted to bank-grade trust, and reserves are placed directly on-chain.
For users, having one more option is not a bad thing.
The key question is whether it dares to keep reserves publicly posted all the time.
The real question is: can trust truly be solved by a string of public addresses?
Or is it just moving trust from one custodian to another?
Share your thoughts in the comments.
#stablecoin
A wrapped bitcoin called cirBTC quietly went live on the Ethereum mainnet on June 8.
It has recently been brought back into discussion because the market has started paying attention to its reserve mechanism.
Every cirBTC is backed by one native BTC.
These coins are deposited in Circle National Trust, a federally chartered trust bank regulated by the OCC.
On July 10, the trust’s final charter was just approved.
The reserves and Circle’s corporate assets are legally separated, so no one can move them.
The on-chain setup also includes Chainlink’s proof of reserves, with wallet addresses made public and available for verification at any time.
Aave’s governance layer began discussing in July whether cirBTC should be added as collateral.
Circle’s own Arc mainnet is scheduled to launch in September, and cirBTC will also move over there later.
In the wrapped bitcoin sector, the old players still have their share, with a market cap in the $9 billion range.
But the new entrants are playing a different game.
Custody has been shifted to bank-grade trust, and reserves are placed directly on-chain.
For users, having one more option is not a bad thing.
The key question is whether it dares to keep reserves publicly posted all the time.
The real question is: can trust truly be solved by a string of public addresses?
Or is it just moving trust from one custodian to another?
Share your thoughts in the comments.
