Circle gives its Bitcoin-backed token one balance across Ethereum and Arc - Cryptonews.net

The integration allows cirBTC holders to use one deposited balance across both Ethereum and Arc networks, treating deposits as a single spendable balance. This reduces the need to maintain separate funds on each blockchain, according to Circle's announcement.

Alongside cirBTC, Circle also added its $EURC stablecoin to Gateway. The $EURC is supported on Ethereum, Arc, Avalanche, Base, Solana, and World Chain networks, while cirBTC is available on Ethereum and Arc mainnet.

Cross-chain mechanism

Gateway maintains separate balances for each asset. When transferring cirBTC, the token is burned on the source network and minted on the destination network. This process neither converts the balance into $USDC nor transfers native Bitcoin directly.

Circle advertises cross-chain access in under 500 milliseconds after deposit finalization, though this excludes initial funding wait times. Ethereum deposits typically take 13 to 19 minutes before Gateway updates the balance.

Withdrawal options

Users have a seven-day withdrawal option that allows reclaiming funds directly from the Gateway Wallet contract without relying on Circle's API. This extended withdrawal delay specifically applies to cirBTC and serves as a fallback exit method.

Token backing and costs

Circle confirms cirBTC is backed one-for-one by native Bitcoin held at a regulated entity within its corporate group, with the $BTC segregated from corporate assets. Gateway integration is permissionless with no sign-up required.

Gateway fees for cirBTC and $EURC are waived on Arc at launch, with a one-basis-point rate outside Arc. Transfer costs are paid in cirBTC and include gas and optional forwarding charges. Access to cirBTC through Circle Mint is limited to qualified businesses.