The Circle, a US publicly exchanged US and the USDC Stablecoin, said it would 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 a “grade-enterprise foundation” for Stablecoin payments, foreign exchange applications and capital markets.
Expected to launch on public testnet, the Circle arch will feature USDC (USDC) As native gas token, enabling users to pay Transaction fees with stablecoin.
Next to the arch launch, the Circle revealed a 53% year-to-year increase in total revenue and reserve reserve in Q2, reaching $ 658 million.
“Full-Stack Platform for Internet Financial System”
According to the Circle, the upcoming Arc Blockchain is “goal developed for Stablecoin Finance,” which marked a major milestone on the company’s mission to deliver a “full-stack platform for the Internet Financial System.”
In addition to showing the USDC as a native gas, the ARC will provide an integrated stablecoin foreign exchange engine, sub-second settlement of the end and privacy controls, the announcement said, addition:
“The ARC is fully integrated throughout the Circle platform and service, which will remain fully available and intertwined with twelve other other blockchain partners supported by the circle.”
At the time of writing, the USDC has a $ 65.6 billion market capitalization, along with Stablecoin running a total of 24 networks.
Ethereum is now the largest network for the USDC, with a total USDC supply on the network worth $ 42.6 billion, According to to circle data.
This is a story development, and further information will be added as it is available.
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