Circle's Arc chain sees high activity but dominated by meme coins

Circle's new enterprise-focused blockchain, Arc, processed 7.83 million transactions in its first 24 hours, yet only 624,000 were USDC transfers, with the majority of volume driven by meme coin speculation. Despite the backing of institutional validators like BlackRock and Visa, the chain is facing criticism over its positioning, with users questioning whether it is an enterprise infrastructure or a meme coin platform. Product VP Rachel Mayer faced backlash for promoting a meme coin on social media, further fueling concerns that the chain's current utility is failing to meet its intended enterprise payment use case.