USDC issuer Circle to launch new layer-1 Arc blockchain this year
USDC issuer Circle introduced its layer-1 blockchain, Arc, and said its Q2 revenue and reserve income increased 53% year-over-year.
Circle, a publicly traded US company and the issuer of USDC stablecoin, said it will launch a layer-1 (L1) blockchain compatible with the Ethereum Virtual Machine (EVM) later this year.
The company released its second-quarter results on Tuesday and announced the introduction of Arc, a new network designed to offer an “enterprise-grade foundation” for stablecoin payments, foreign exchange and capital markets applications.
Expected to launch in public testnet, Circle’s Arc will feature USDC (USDC) as its native gas token, enabling users to pay transaction fees with the stablecoin.
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