Institutional users now have a highly practical way to activate their BTC on the blockchain through cirBTC. Operating as a 1:1 wrapped token, this asset enables participants to explore a wide variety of onchain opportunities. Users can seamlessly engage in settlement, liquidity provision, lending, and borrowing. The greatest advantage is that holders can tap into these utilities while keeping their original BTC investments perfectly intact, completely bypassing the need to sell their underlying positions.

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