Circle's cirBTC Struggles with Adoption Despite Institutional Backing

Circle's wrapped Bitcoin product, cirBTC, faces a significant adoption gap with only 40 tokens in circulation approximately 11 weeks after its Ethereum launch. Despite robust institutional infrastructure, including federal trust custody and Circle Mint access, the asset lacks integration with major DeFi protocols and public market liquidity. In contrast, competitors like WBTC and cbBTC maintain circulation in the range of 100,000 tokens. While a proposal to integrate cirBTC into Aave has been submitted, it remains pending, leaving the asset without the nece