Circle’s new layer-1 blockchain Arc will combine with Fireblocks, a New York–primarily based digital asset custody and tokenization platform serving greater than 2,400 banks, asset managers and fintechs. Arc will not be but stay, however Circle plans to roll out a public testnet this fall forward of a full launch by year-end.
Fireblocks stated it prepares custody and compliance assist so shoppers can transact on Arc as soon as the community launches. Its platform helps over 120 blockchains and facilitates settlement for establishments throughout world markets.
The unusually early integration drew some criticism on X. Solana, for instance, launched in 2020, however wasn’t added to Fireblocks till late 2021, after its ecosystem reached vital mass. Arc will as a substitute debut with Fireblocks integration, giving banks and asset managers “day one” entry.
Associated: Stablecoins will soon have their ‘iPhone moment,’ Circle CEO
Shifting together with US stablecoin laws
Whereas US regulators superior readability round stablecoins with the GENIUS Act signed on July 18, Circle has been increasing its footprint.
On June 5, Circle raised $1.05 billion in the first IPO by a stablecoin issuer. Shares opened at $69, climbed as excessive as $103.75, and closed at $83.23 — a achieve of 168% from the IPO worth. The inventory reached as excessive as $298.99 on July 23, and is at the moment trading round $145.
The corporate’s first earnings report since going public was launched on Tuesday, reporting $658 million in Q2 income, a 53% enhance year-over-year. It stated circulation of USDC grew 90% over the identical interval, reaching $61.3 billion by June 30 and climbing above $65 billion in early August.
That very same day, Circle moved to increase its funds infrastructure with the launch of the Circle Funds Community, and introduced Arc — describing it as a layer 1 purpose-built chain for “stablecoin finance.”
Whereas Circle was forward of the curve with its IPO, the Arc announcement comes amid a broader wave of recent blockchain launches, together with Stripe creating Tempo with Paradigm and Robinhood rolling out a tokenization-focused L2 in June.
Associated: USDC stablecoin launches on XRP Ledger
Stablecoin rivals drive market progress
The stablecoin market cap now stands at roughly $277.16 billion, up from $253.87 billion on July 1, in accordance with knowledge from DefiLlama. Whereas Circle’s USDC accounts for a couple of quarter of the fiat-backed stablecoin market, Tether continues to dominate globally with round 60% market share.
Tether reported $4.9 billion in revenue in Q2 2025, a 277% enhance in contrast with the identical interval a 12 months earlier. Most of that revenue got here from Treasury yields, with the corporate’s $127 billion short-term US debt producing regular earnings.
Tether has now turn into one of many largest non-sovereign holders of US Treasurys, surpassing nations resembling South Korea and the UAE, an unprecedented place for a non-public firm.
Magazine: Bitcoin vs stablecoins showdown looms as GENIUS Act nears
