Arc Blockchain Growth Fuels Circle Stock Rally
The Arc Layer 1 blockchain launched by Circle Internet Group has seen significant growth since its public mainnet debut on September 16. The network's total value locked (TVL) in decentralized finance has jumped to over $348 million, and its stablecoin market capitalization has surged to more than $628 million.
This growth is a positive sign for Circle stock, which has recovered sharply from its mid-September low. The company's shares have risen 2.95% for the session, closing at around $94.49 on September 21. This represents a roughly 21% increase from the intraday low of $78.26 on September 16.
The strong adoption of Arc is attributed to its robust decentralized exchange networks and growing dApp ecosystem. The network has attracted prominent players such as Uniswap, Aerodrome Finance, and Sushi, which have added over $471 million in assets since launch.