Circle's New Blockchain Arc Attracts Big Players with Stable and Efficient Transfers
Circle, the fintech company behind the USD Coin (USDC) stablecoin, has announced its new blockchain platform called Arc. This new platform is designed to handle stablecoin-based transactions, cross-border settlements, and tokenized real-world assets.
Arc has already gained significant attention from major financial institutions, including BlackRock, Visa, Mastercard, Standard Chartered, MoneyGram, and Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange. These companies are attracted to Arc's ability to move money quickly, cheaply, and efficiently, making it a faster alternative to SWIFT transfers.
Unlike general-purpose blockchains like Ethereum and Solana, which require users to hold volatile native tokens for transactions, Arc uses Circle's USD Coin (USDC), which is pegged to the US dollar and backed by cash and US Treasuries. This stability makes it more appealing to large financial institutions that don't want to pay fluctuating tolls.