The Arc blockchain, developed by Circle, is preparing for a launch with Fireblocks support, providing network access for over 2400 financial institutions.
Arc Launches with Fireblocks Support
The Arc blockchain, expected to launch, will be integrated with Fireblocks, enabling banks, asset managers, and fintech companies to access the network from day one. Fireblocks, a digital asset custody platform, serves over 2400 financial institutions and supports more than 120 blockchains.
Circle Expands Presence Following IPO
The recent announcement follows Circle's IPO, where it raised $1.05 billion. Since going public, the company reported a revenue of $658 million for Q2 2023, which is a 53% increase compared to the same period last year.
Stablecoin Competition Intensifies
The global stablecoin market continues to grow, with an approximate total market cap of $277.16 billion. Circle's USDC accounts for about 25% of the market, while Tether retains the lead with nearly 60% market share.
The launch of the Arc blockchain, Circle's expanding ecosystem, and the intensifying competition in the stablecoin sector highlight the dynamic evolution of financial technology.
