USDC issuer Circle is again looking to make headways in the stablecoin industry and assert its dominance, unveiling the ‘Arc’ Layer-1 network. The Circle Arc blockchain will focus on stablecoin payments and have USDC as its native gas token.
Details About The Circle Arc Blockchain
In a press release, the USDC issuer announced Arc, an open Layer-1 blockchain. The firm noted that it has designed the network to provide an enterprise-grade foundation for stablecoin payments, FX, and capital markets applications.
The Circle Arc blockchain is EVM-compatible and will feature USDC as its native gas. It also boasts an integrated stablecoin FX engine, sub-second settlement finality, and opt-in privacy controls.
The stablecoin issuer further announced that it will fully integrate the network across its platform and services. The network will also be fully available and interoperable with the partner blockchains that Circle supports. Meanwhile, the Arc network will launch its public testnet this fall.
This announcement came as part of the release of the company’s Q2 earnings, with the company becoming a public company after a successful IPO back in June. The company noted that it raised $1.2 billion from the offering.
In addition to other notable developments besides the Circle Arc blockchain, the company highlighted the passage of the GENIUS Act, which it noted codified its long-standing commitment to regulatory compliance.
The USDC issuer further revealed that Circle Payments Network (CPN), which launched in May, now has four active payment corridors, and they are set to accelerate growth this second half with over 100 financial institutions in the pipeline. Meanwhile, in July, they introduced Circle Gateway to enable unified USDC balances for instant cross-chain liquidity.
The Stablecoin Issuer’s Q2 Financial Highlights
As part of the earnings release, Circle revealed that the USDC in circulation grew 90% year-over-year (YoY) to $61.3 billion at the end of Q2. The USDC circulation has also grown to $65.2 billion as of August 10, 2025.
Furthermore, the company’s total revenue and reserve income grew 53% YoY to $658 million. On the other hand, the USDC issuer’s net loss was $482 million. Circle noted that this was mainly due to IPO-related non-cash charges that totaled $591 million.
This $591 million loss included the $424 million for stock-based compensation related to vesting conditions met by their IPO. Meanwhile, there was a $167 million increase in the fair value of the convertible, which resulted from the rise in the CRCL stock.
Amid the announcement of the Circle Arc blockchain and earnings, the CRCL stock price is up over 8% in pre-market trading. TradingView data shows that the stock is currently trading at around $174, up from yesterday’s closing price of $161.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several niches. His speed and alacrity in covering breaking updates are second to none. He has a knack for simplifying the most technical concepts and making them easy for crypto newbies to understand.
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