Circle Launches Arc Mainnet and Reports Q2 Financial Results

Circle, the issuer of the USDC stablecoin, has announced its Q2 financial results and the launch of the Arc mainnet on September 16. The company's financial performance showed a total revenue and reserve income of $701 million, up 7% year over year. Net income reached $48 million.

The main highlight was the launch of the Arc network, which is designed for institutional and programmable finance. Over 100 developers are already building in the Arc ecosystem. The first validators to join the network include BlackRock, Visa, Mastercard, ICE, DTCC, Standard Chartered, Galaxy, and other global financial companies.

Circle has also received approval from the OCC to establish Circle National Trust, which will provide federally regulated custody of digital assets. This move opens up the possibility of independently managing USDC reserves in the future.