Circle Launches Arc Layer 1 Blockchain and Mints 10 Billion ARC Tokens

Circle has launched the public mainnet for its Layer 1 blockchain, Arc, and minted an initial supply of 10 billion ARC tokens. The network features over 100 applications and a validator cohort including major financial institutions such as BlackRock, DTCC, Visa, Mastercard, and Standard Chartered. While ARC is intended for security, utility, and governance, Circle stated that the minting of the tokens does not constitute a commitment to a public launch. Network gas fees are paid in USDC, and the chain is EVM-compatible. Circle plans to explore a transition from proof of authority to proof of stake by 2027.