Key Takeaways
- Circle is launching Arc, a Layer 1 blockchain targeted on stablecoin funds and capital markets.
- Arc will use USDC as its native fuel token and goals to allow compliant, on the spot cross-border transactions.
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Circle Web Group has introduced plans to launch Arc, a brand new layer 1 blockchain designed particularly for stablecoin funds, international trade, and capital markets purposes. The announcement got here alongside the corporate’s second-quarter earnings report in the present day.
Arc is ready to be enterprise-grade and EVM-compatible, with USDC as its native fuel and a built-in stablecoin FX engine. It’ll ship sub-second settlement finality, opt-in privateness options, and full integration with Circle’s platform, with a public testnet slated for launch this fall.
Circle reported USDC circulation surpassed $61 billion in Q2, up 90% year-over-year. The corporate’s complete income and reserve revenue grew 53% to $658 million, whereas posting a internet lack of $482 million, largely resulting from IPO-related non-cash costs totaling $591 million.
“Circle’s profitable IPO in June marked a pivotal second—not only for our firm, however for the broader adoption of stablecoins and the expansion of the brand new web monetary system,” stated Jeremy Allaire, Co-Founder, Chief Govt Officer, and Chairman at Circle.
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