Breaking: USDC Issuer Circle To Launch Arc Blockchain for Stablecoin Payments

USDC issuer Circle is again looking to make headways in the stablecoin industry and assert its dominance, unveiling the ‘Arc’ Layer-1 network. The Circle Arc blockchain will focus on stablecoin payments and have USDC as its native gas token.

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Details About The Circle Arc Blockchain

In a press release, the USDC issuer announced Arc, an open Layer-1 blockchain. The firm noted that it has designed the network to provide an enterprise-grade foundation for stablecoin payments, FX, and capital markets applications.

The Circle Arc blockchain is EVM-compatible and will feature USDC as its native gas. It also boasts an integrated stablecoin FX engine, sub-second settlement finality, and opt-in privacy controls.

The stablecoin issuer further announced that it will fully integrate the network across its platform and services. The network will also be fully available and interoperable with the partner blockchains that Circle supports. Meanwhile, the Arc network will launch its public testnet this fall.

This announcement came as part of the release of the company’s Q2 earnings, with the company becoming a public company after a successful IPO back in June. The company noted that it raised $1.2 billion from the offering.

In addition to other notable developments besides the Circle Arc blockchain, the company highlighted the passage of the GENIUS Act, which it noted codified its long-standing commitment to regulatory compliance.

The USDC issuer further revealed that Circle Payments Network (CPN), which launched in May, now has four active payment corridors, and they are set to accelerate growth this second half with over 100 financial institutions in the pipeline. Meanwhile, in July, they introduced Circle Gateway to enable unified USDC balances for instant cross-chain liquidity.

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