Circle, the company behind the USDC
Arc will be a Layer-1 network that works with the Ethereum Virtual Machine (EVM), which means it can run many of the same tools and programs already used on Ethereum
The network will first launch as a public test version, and users will be able to pay transaction fees directly in USDC.
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Arc is being built as a network for stablecoin-related activity. It will include tools for converting between stablecoins, completing transactions in under a second, and offering optional privacy settings.
Circle said Arc will connect smoothly with its current products and will continue to work alongside the many other blockchains it already supports.
USDC will be central to Arc. Aside from being the network’s fee token, USDC currently has a market value of $65.6 billion and runs on 24 different blockchains. Circle’s decision to make Arc compatible with Ethereum tools should make it easier for developers to use, since they can bring over existing applications without major changes.
The company stated that Arc will support a range of uses, including payments, currency exchange, and financial markets.
Recently, Circle submitted an application to the Office of the Comptroller of the Currency (OCC) to establish a national trust bank, First National Digital Currency Bank, N.A. What did the company say? Read the full story.
