Stablecoin developer Circle Internet Group (NYSE: $CRCL) has unveiled a new blockchain called “Arc.”
The blockchain arrives as Circle tries to diversify beyond issuing its $74 billion USDC stablecoin (CRYPTO: $USDC).
In a statement, Circle said that Arc will help it become one of the biggest blockchain companies to provide the rails for moving money and financial assets onchain.
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The global stablecoin market is becoming increasingly competitive, with traditional banks and payment firms entering the space.
Circle was dealt a blow earlier this year when a group of 21 financial institutions, including Bank of America (NYSE: $BAC) and Goldman Sachs (NYSE: $GS), announced plans to launch their own U.S. dollar-backed stablecoin in 2027.
Circle describes the Arc blockchain as a general-purpose “economic operating system” for payments, tokenized financial markets, lending, trading, and commerce.
Major companies such as BlackRock (NYSE: $BLK) and Visa (NYSE: $V) are among Arc’s first validators.
Circle’s payments network is being integrated directly into the Arc blockchain, along with its foreign-exchange platform for cross-currency settlement.
Transaction fees for using the Arc blockchain are paid with Circle’s USDC stablecoin, said the company in its statement.
CRCL stock has declined 36% in the past 12 months to trade at $86.30 U.S. per share.