Through cirBTC, institutional organizations now have a practical way to activate their BTC onchain. This asset functions as a 1:1 wrapped BTC token that facilitates a range of practical applications, including settlement, liquidity, lending, and borrowing. Most importantly, it gives holders the ability to explore these options without ever needing to sell their underlying BTC positions.

https://www.circle.com/blog/wrapped-bitcoin-from-idle-to-productive-btc-collateral