Circle launches Arc blockchain for institutional payments

Circle (CRCL) has launched Arc, an EVM-compatible Layer 1 blockchain designed for institutional finance, tokenized assets, and payments. The network uses USDC for gas fees, eliminating the need for volatile tokens. It utilizes the Malachite BFT consensus engine for sub-second finality. This move aims to diversify Circle's revenue beyond interest on reserves as it competes with other payment infrastructure providers like Tether and JPMorgan.