Stablecoin developer Circle Internet Group (NYSE: $CRCL) has unveiled a new blockchain called “Arc.”
The blockchain arrives as Circle tries to diversify beyond issuing its $74 billion USDC
stablecoin (CRYPTO: $USDC).
In a statement, Circle said that Arc will help it become one of the biggest blockchain companies to provide the rails for moving money and financial assets onchain.
The global stablecoin market is becoming increasingly competitive, with traditional banks and payment firms entering the space.
Circle was dealt a blow earlier this year when a group of 21 financial institutions, including Bank of America (NYSE: $BAC) and Goldman Sachs (NYSE: $GS), announced plans to launch their own U.S. dollar-backed stablecoin in 2027.
Circle describes the Arc blockchain as a general-purpose “economic operating system” for payments, tokenized financial markets, lending, trading, and commerce.
Major companies such as BlackRock (NYSE: $BLK) and Visa (NYSE: $V) are among Arc’s first validators.
Circle’s payments network is being integrated directly into the Arc blockchain, along with its foreign-exchange platform for cross-currency settlement.
Transaction fees for using the Arc blockchain are paid with Circle’s USDC stablecoin, said the company in its statement.
CRCL stock has declined 36% in the past 12 months to trade at $86.30 U.S. per share.
