Wrapped BTC is only as strong as the collateral structure behind it. For institutions, the real questions are reserve separation, rehypothecation, redemption, and verification. cirBTC is designed to meet that standard with 1:1 BTC backing, segregated collateral, real-time onchain proof of reserves, and a neutral issuer model. https://www.circle.com/blog/rehypothecation-vs-segregated-collateral-the-wrapped-bitcoin-risk-institutions-care-about