Mentioned:
Circle is one of the most dominant players in stablecoins. And now, they’re building their very own blockchain for the first time ever.
What’s happening:
- Circle Internet Group (NYSE: CRCL) has officially announced they are building their own Layer-1 blockchain known as Arc
Why it matters:
- The Arc blockchain is being purpose built for stablecoins and digital payments and will leverage Circle Internet Group’s USDC stablecoin for all transaction fees on the Arc blockchain
Going deeper:
- Circle Internet Group has publicly stated that the Arc blockchain will be Ethereum Virtual Machine compatible, which will enable developers familiar with Ethereum to easily build smart contracts and other technology on Arc
- Circle Internet Group has been rapidly cutting deals to integrate their USDC stablecoin into traditional banking institutions, including just recently cutting a notable deal with one of the world’s biggest payment processing companies
The fine print:
- It is currently unknown when Arc will launch to the public or when Circle Internet Group will begin beta testing of the Arc blockchain
