Arc Blockchain Could Surpass USDC in Value, Circle CEO Claims

Circle Internet Group Inc.'s (NYSE:CRCL) CEO Jeremy Allaire has expressed his excitement for the upcoming Arc blockchain, calling it a 'massive' opportunity and potentially even bigger than its $70 billion USDC stablecoin.

Allaire described Arc as one of the most significant opportunities Circle has ever encountered, with attractive margin potential. He believes that over the next three to five years, Arc has the potential to become a large-scale infrastructure on the internet.

The Arc chain will go live on September 16th, and Allaire stated that the 'compounding effects' of adoption in terms of real-world asset adoption, stablecoin adoption, and transaction fees bode well for Circle as both a stakeholder and key infrastructure provider.

Circle recently conducted a token presale for Arc's native utility token, ARC, raising $222 million at a $3 billion valuation. The company's mixed second-quarter results showed revenue falling short of forecasts while earnings matched Wall Street estimates.