Wrapped bitcoin should be neutral market infrastructure. cirBTC is designed for institutions that need BTC collateral with 1:1 backing, onchain reserve verification, disciplined custody, and an issuer that does not operate a competing CEX, DEX, or lending protocol. Circle’s objective is not to compete for trading flows. It is to provide wrapped bitcoin infrastructure that can work across them. https://www.circle.com/blog/wrapped-bitcoin-should-be-strategically-neutral(Circle)