Before wrapped BTC becomes collateral, inventory, or treasury infrastructure, institutions need to underwrite the wrapper. That means asking: → Is it 1:1 backed by native BTC? → Who custodies the BTC? → Can reserves be verified onchain? → How does redemption work? → Is the issuer neutral across venues and protocols? A practical checklist for evaluating institutional wrapped bitcoin products. https://www.(circle.com)/blog/what-market-participants-should-look-for-in-institutional-wrapped-bitcoin-products