According to BlockBeats, on August 12, Circle disclosed details about the Layer1 stablecoin blockchain ARC. In addition to using USDC stablecoin as the native gas token, a public testnet is set to launch this fall, and it will be EVM-compatible. The goal is to provide enterprise-level infrastructure for stablecoin payments, foreign exchange, and capital market applications. Circle also stated that it will introduce features including a stablecoin foreign exchange engine, sub-second settlement, and optional privacy features, while being fully integrated with the Circle platform and maintaining interoperability with other partner blockchains.
Circle aims to compete with its number one rival Tether, which has been actively involved in the development and support of two Layer1 stablecoin blockchains: Stable and Plasma. In the current stablecoin market of approximately $260 billion, Circle holds a market share of $65 billion, while Tether accounts for about $165 billion.
