Circle launched Arc on September 16, a layer-1 blockchain where the same USDC balance can be used for both payments and network fees. This configuration removes the need for a separate gas token, which could simplify stablecoin adoption and balance management for users. The network counts major financial institutions among its founding validators, including BlackRock, DTCC, Visa, Mastercard, and Standard Chartered. USDC had $73.3 billion in circulation at the end of June, compared to approximately $184.6 billion for competitor Tether, illustrating the gap Circle seeks to close. The company acknowledges, however, that activity on Arc may be limited to transferring existing USDC balances from other chains, without necessarily generating additional demand.
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