Circle’s transparency page showed only 0.00163 cirBTC outstanding against 1.202 BTC reserves as of June 7, so the launch float is dust for now. The first serious battleground is collateral onboarding: Aave, Morpho, Spark and Curve risk teams deciding whether Circle’s Chainlink PoR pitch plus segregated custody earns cleaner parameters than cbBTC’s Coinbase dependency or WBTC’s BitGo stack. With USDC north of $75B, Circle can package BTC collateral and dollar borrowing in one institutional workflow, turning wrapped BTC from a bridge product into balance-sheet plumbing.

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