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Circle CRCL$84.86·Market Closed launched its Arc blockchain on Wednesday, making its biggest push yet beyond issuing the $74 billion stablecoin $USDC
$USDC$1.0004
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Competition is heating up to among the largest blockchain companies to provide the rails for moving money and financial assets onchain.
“This is, I believe, the most consequential major platform launch in our history, and I think an even more consequential launch than $USDC itself,” said Circle CEO Jeremy Allaire during a press briefing.
The stablecoin market, Circle’s main business, is becoming increasingly competitive, with banks and payment firms entering the race.
A group of 21 financial institutions including Bank of America, Citi and Goldman Sachs is preparing a dollar stablecoin for the first half of 2027, while European bank consortium Qivalis is working toward a euro token. Meanwhile, payments giant Stripe pushes deeper into crypto with Open Standard’s upcoming Open USD stablecoin and Tempo, the payments-focused blockchain it incubated with Paradigm.
Circle aims to compete beyond the stablecoin itself with Arc. Allaire described the chain as a general-purpose “economic operating system” for payments, tokenized financial markets, lending, trading and, eventually, commerce between AI agents.
Wall Street joins Arc
Circle’s Arc kicks off with a wide roster of heavyweight institutions that stretches well beyond crypto-native firms.
BlackRock, DTCC, Intercontinental Exchange, Mastercard, Standard Chartered and Visa are among Arc’s founding validators, while BNY, HSBC and State Street are some of the 100+ institutions and ecosystem companies live on or exploring the network.
Trading venues on Arc include Uniswap and Aerodrome, while Aave and Morpho are providing lending markets. Tokenized money market funds including Circle’s USYC and BlackRock’s BUIDL are also coming to the network.
Allaire called Arc a “canonical home for asset issuers,” where funds, equities, commodities and currencies could be issued before moving to other blockchain ecosystems through Circle’s interoperability infrastructure.
Circle Payments Network is also being integrated directly into Arc alongside StableFX, its foreign-exchange platform for 24/7 cross-currency settlement.
Arc was designed around some of the friction that has kept traditional financial institutions from using existing blockchains, Allaire said.
Circle is developing configurable privacy for institutions that need to shield transaction data while retaining access for auditors and regulators.
Transaction fees are paid in $USDC rather than a volatile native token, with sub-second finality and a permissioned validator set.
Balancing act
Allaire compared requiring companies to hold a blockchain’s native token just to use the network with making Netflix buy Amazon shares to pay its Amazon Web Service bill.
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Source: cryptonews.net