cirBTC is designed to help bring a blue-chip BTC collateral layer to onchain credit markets. Bitcoin has the depth and liquidity to support onchain lending, but collateral quality depends on more than the asset underneath. → Reserve integrity → Segregated custody → Redemption path → Onchain verification → Issuer incentives Well-defined collateral can support disciplined risk parameters, reliable liquidations, and deeper participation on both sides of a lending market. https://www.circle.com/blog/bitcoin-as-blue-chip-collateral-the-market-structure-behind-onchain-credit