#BTCOvertakesAmazon USDC issuer Circle to launch new layer-1 Arc blockchain this year

Circle, a publicly traded US company and the issuer of USDC stablecoin, said it will 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 an “enterprise-grade foundation” for stablecoin payments, foreign exchange and capital markets applications.

Expected to launch in public testnet, Circle’s Arc will feature USDC

USDC

$0.9997

as its native gas token, enabling users to pay transaction fees with the stablecoin.

Alongside the launch of Arc, Circle disclosed a 53% year-over-year increase in total revenue and reserve income in Q2, reaching $658 million.

“Full-stack platform for the internet financial system”