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Quantum walks have proven to be a universal model for quantum computation and to provide speed-up in certain quantum algorithms. The discrete-time quantum walk (DTQW) model, among others, is one of the most suitable candidates for circuit implementation due to its discrete nature. Current implementations, however, are usually characterized by quantum circuits of large size and depth, which leads to a higher computational cost and severely limits the number of time steps that can be reliably implemented on current quantum computers. In this work, we propose an efficient and scalable quantum circuit implementing the DTQW on the <inline-formula><math xmlns="http://www.w3.org/1998/Math/MathML" display="inline"><semantics><msup><mn>2</mn><mi>n</mi></msup></semantics></math></inline-formula>-cycle based on the diagonalization of the conditional shift operator. For <i>t</i> time steps of the DTQW, the proposed circuit requires only <inline-formula><math xmlns="http://www.w3.org/1998/Math/MathML" display="inline"><semantics><mrow><mi>O</mi><mo>(</mo><msup><mi>n</mi><mn>2</mn></msup><mo>+</mo><mi>n</mi><mi>t</mi><mo>)</mo></mrow></semantics></math></inline-formula> two-qubit gates compared to the <inline-formula><math xmlns="http://www.w3.org/1998/Math/MathML" display="inline"><semantics><mrow><mi>O</mi><mo>(</mo><msup><mi>n</mi><mn>2</mn></msup><mi>t</mi><mo>)</mo></mrow></semantics></math></inline-formula> of the current most efficient implementation based on quantum Fourier transforms. We test the proposed circuit on an IBM quantum device for a Hadamard DTQW on the 4-cycle and 8-cycle characterized by periodic dynamics and by recurrent generation of maximally entangled single-particle states. Experimental results are meaningful well beyond the regime of few time steps, paving the way for reliable implementation and use on quantum computers.