Circle has announced the upcoming launch of cirBTC, a tokenized version of Bitcoin that will be backed 1:1 by native Bitcoin. According to Circle CEO Jeremy Allaire, cirBTC will be issued on both the Ethereum mainnet and the Arc network. Each cirBTC token will be fully backed by native Bitcoin reserves, which will be held in custody by regulated entities within the Circle group. This initiative aims to provide a secure and transparent way to utilize Bitcoin within the Ethereum ecosystem.