Circle, the issuer of the USDC stablecoin, has unveiled the public testnet of Arc, a new open Layer-1 blockchain network developed in collaboration with over a hundred companies from the financial and technology sectors.
In brief
- Circle launched Arc's public testnet, built with more than a hundred partners around the world.
- CEO Jeremy Allaire says the network is already attracting businesses with billions of users.
- Participants include global banks like BlackRock, HSBC and Goldman Sachs, as well as technology and payments players such as Visa, AWS and Mastercard.
Arc capabilities and developer access
According to Circle, Arc represents a major step forward towards a globally interconnected digital financial network. The network stands out for several advantages: transaction fees denominated in US dollars, near-instant completion, customizable privacy options, and native integration with the Circle suite of products.
The company specifies that“Arc enables a wide range of use cases in lending, capital markets, foreign exchange (FX) and international payments. » Developers and businesses can now access the testnet to build and experiment with what Circle describes as a true “cost-effective operating system” for the internet.
Extensive industry participation in the Arc testnet
Circle co-founder and CEO Jeremy Allaire points out that Arc's public testnet has already engaged a wide range of companies collectively serving billions of users. He declares: “Arc offers all businesses the opportunity to build on an institutional-grade network infrastructure, realizing a shared vision of a more open, inclusive and efficient global economic system, built natively on the internet. »
Testnet participants come from key sectors and regions, illustrating an international commitment to the development of Arc.
- Banks and financial institutions: BlackRock, HSBC, Deutsche Bank, Invesco and Goldman Sachs are among the main players involved.
- Technology and payment companies: Amazon Web Services, Cloudflare, Mastercard, Paysafe and Visa are also participating in the test.
- Cryptocurrency exchanges: Coinbase, Kraken, Bitvavo, Bybit and Coincheck are taking part in the testing phase.
- Other participants include Forte Securities (KRW1, Korea), Avenia (BRLA, Brazil), and JPYC Inc. (JPYC, Japan).
Integrating stablecoins into traditional finance
Circle specifies that Arc acts as a foundation for organizations issuing stablecoins backed by fiat currencies, tokenized financial instruments, or even short-term credit and investment products. The development of the network also provides for the use of stablecoins for the payment of transaction fees and the facilitation of conversions and foreign exchange operations.
This advancement is part of a broader trend to integrate stablecoins into traditional finance, as many countries adapt their regulatory frameworks to accommodate these digital currencies within existing financial systems.
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