According to ChainCatcher news, as reported by businesswire, Circle has disclosed details about the stablecoin Layer1 blockchain ARC, which will use the USDC stablecoin as its native Gas token, launch a public testnet this fall, and be EVM-compatible. The goal is to provide enterprise-level infrastructure 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 functions, while being fully integrated with the Circle platform and maintaining interoperability with other partner blockchains.
Circle aims to compete with its top rival 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 commands about $165 billion.
