BlockBeats News, June 9th: Today, stablecoin issuer Circle officially launched cirBTC, a wrapped Bitcoin on the Ethereum blockchain pegged 1:1 to Bitcoin. This will allow users to use their Bitcoin assets in DeFi protocols for lending, decentralized trading, tokenized assets, and other scenarios.

Currently, the total market value of wrapped Bitcoin tokens is around $12.5 billion to $13.5 billion, representing only about 1% of Bitcoin's total market value (approximately $1.25 trillion) and remaining a niche market. Circle's entrance will directly compete with cbBTC issued by Coinbase and wBTC custody by BitGo.