Circle Launches New Blockchain 'Arc' To Expand Beyond USDC Stablecoin
Stablecoin developer Circle Internet Financial (CRCL) has launched a new blockchain called Arc, aiming to diversify beyond its $74 billion USDC stablecoin. The company described Arc as an economic operating system for payments and financial markets, with major firms like BlackRock and Visa serving as initial validators. Arc is designed to facilitate cross-currency settlements and tokenized assets by integrating Circle's payment network directly into the blockchain. Transaction fees will be paid in USDC stablecoin. The move comes amid growing competition in the global stablecoin market, including a challenge from 21 major financial institutions planning their own dollar-backed stablecoin for 2027. CRCL stock has fallen by 36% over the past year to $86.30 per share as Circle seeks new growth avenues.
