Circle, a publicly listed U.S. company known for its USDC stablecoin, has revealed plans to launch a new layer-1 blockchain later this year.
Circle’s New Blockchain for Stablecoin Payments
In a latest press release, Circle announced Arc, a new Layer-1 blockchain, designed to provide an “enterprise-grade foundation” for stablecoin payments, foreign exchange, and capital markets applications. ”
The EVM-compatible network uses USDC as its native gas and includes an integrated stablecoin FX engine, sub-second settlement finality, and optional privacy controls for users. Arc will be fully integrated across Circle’s platform and remain interoperable with other partner blockchains. The company plans to launch a public test version of Arc this fall.
Circle called this blockchain “purpose-built” for stablecoin finance, marking a defining moment in its journey to deliver a “full-stack platform” for the internet financial system.
Q2 Revenue Hits $658M, USDC Circulation Rises To $65B
The company recently posted its Q2 results with strong growth. Its USDC in circulation soared 90% year-over-year to $61.3 billion by the quarter’s end and climbed ev