Circle Wrapped Bitcoin (cirBTC), backed one-to-one by Bitcoin (BTC), is now available through Circle's Gateway on Ethereum and Arc, giving holders access across two smart-contract networks.
Circle's Gateway expansion took place Friday, Oct. 23. Gateway keeps each asset in a distinct balance.
On smart-contract networks, cirBTC represents Bitcoin, with one BTC backing each token. Native BTC stays put: the change happens in the cirBTC token recorded on each chain.
The under-500-millisecond figure covers the cross-network step after a Gateway balance is established. An Ethereum deposit averages 13 to 19 minutes to accumulate enough confirmations for attestation, although the wait can vary.
For cirBTC, Gateway charges no fee on Arc at launch and 0.01% on Ethereum. Gas and optional forwarding can increase the total amount paid.
Gateway also offers a seven-day recovery route for reclaiming assets held in its wallet contract without depending on Circle's API. Eligible business customers can redeem cirBTC for native BTC through Circle Mint, a process separate from the recovery route.
