According to Mars Finance, on August 12, Circle disclosed details about the stablecoin Layer1 blockchain ARC. In addition to using the USDC stablecoin as the native Gas token, a public testnet will be launched this fall and will be EVM compatible. The goal is to provide an enterprise-level foundation for stablecoin payments, foreign exchange, and capital market applications. Circle stated that it will also introduce features including a stablecoin foreign exchange engine, sub-second settlement, and optional privacy features, all while being fully integrated with the Circle platform and maintaining interoperability with other partner blockchains. This move by Circle aims to counter its top competitor Tether, which has been actively involved in the development and support of two stablecoin Layer1 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.

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