CIRCLE TO LAUNCH LAYER 1 BLOCKCHAIN ARC

Summary from the TLDR Crypto newsletter

Circle has announced plans to launch Arc, an EVM-compatible Layer 1 blockchain that will use its USDC stablecoin as the native gas token, with a public testnet expected this fall. The enterprise-focused chain is designed for stablecoin payments, foreign exchange, and capital markets applications. It features sub-second settlement, optional privacy, and interoperability with other blockchains. Circle, the second-largest stablecoin issuer with $65 billion in USDC supply, joins competitor Tether in developing stablecoin-focused blockchain infrastructure. The announcement coincided with Circle's Q2 earnings report, which showed 53% revenue growth to $658 million. The company's stock grew 6.2% in pre-market trading following the news.