Circle's Arc Set to Launch with USDC at Its Core
Circle has scheduled the public launch of Arc for September 16, which could give USDC an edge in utility. This comes as Circle competes with Tether, with USDT having a significantly larger market share than USDC.
Arc is a layer-1 blockchain that operates its own network and uses USDC to pay network fees and transactions. Unlike many Ethereum-compatible chains, Arc combines the functions of paying for transactions and fees in the same asset, making it easier for users to onboard and manage balances.
The public launch follows a private network with over 100 ecosystem and institutional builders, including BlackRock, DTCC, Visa, Mastercard, Standard Chartered, and other financial companies. This permissioned validator set sets Arc apart from other blockchain networks.
Circle's goal is to make USDC the go-to stablecoin for payments and institutional settlement, which could attract additional demand for the token. However, it remains to be seen whether this strategy will pay off, as a public network alone cannot demonstrate increased market share.