Circle has announced plans to introduce cirBTC, a new wrapped token backed 1:1 by Bitcoin. This initiative aims to cater to institutional investors seeking to engage with decentralized finance (DeFi) platforms. The cirBTC token will provide a bridge for Bitcoin holders to access DeFi applications, enhancing liquidity and participation in the sector. Circle's move reflects a growing trend of integrating traditional cryptocurrencies with DeFi solutions to meet institutional demand.