Arc Blockchain Launches on USDC Gas, Not Native Token
Circle's new Arc blockchain has gone live on September 16, marking a significant milestone in the development of layer-1 networks. The launch announcement highlights that transaction fees are paid in USDC, Circle's stablecoin, not in the native ARC token.
This design choice is aimed at institutions such as BlackRock, Visa, and Mastercard, which have partnered with Circle to validate transactions on the network. According to Jeremy Allaire, Circle CEO, the launch of Arc is 'the most consequential major platform launch in our history.'
The company has set a target of one cent per transaction and has minted the full initial supply of 10 billion ARC tokens at genesis. However, the token is not publicly available, and its role is limited to coordination for security, utility, and governance.