USDC issuer Circle has created Arc, a new layer-1 blockchain built for stablecoin-native finance.
The blockchain is designed specifically to support operations centered on stablecoins such as USDC. It aims to provide infrastructure tailored to this segment of digital assets rather than general-purpose applications.
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Circle announced a $222 million presale for its ARC token at a $3 billion valuation alongside first-quarter results. The USDC issuer beat earnings estimates but missed on revenue. Shares rose more than 15 percent on the news.
Circle stock fell more than 17 percent on Tuesday following the unveiling of Open USD, a new stablecoin backed by over 140 companies including Stripe, Coinbase and BlackRock.
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Circle CEO Jeremy Allaire responded to the June 30 launch announcement of Open USD by arguing that the new stablecoin's more than 140 backers will only matter if it generates live, regulated transaction volume.
Coinbase has teamed up with Ethena to route idle USDC into yield-generating strategies that the company says comply with proposed restrictions in the CLARITY Act. The partnership, announced this week, allows activity-based rewards rather than passive interest on stablecoins.
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Germany-based AllUnity has launched its MiCA-compliant euro stablecoin EURAU on the Solana blockchain. The expansion targets faster and cheaper euro transfers for businesses and developers. This move coincides with rapid growth in the euro stablecoin market.