Well, I reckon Circle, that outfit behind the second-biggest stablecoin by market cap, has gone and rustled up $222 million in a presale for a token tied to a shiny new blockchain they christen Arc.
The fully diluted valuation has climbed to $3 billion, which would impress a man in a library if numbers was his friend. The boss, Jeremy Allaire, hints they’ll be boogying into the “apps business” as well.
In the first quarter, Circle says USDC in circulation grew 28% to $77 billion. On-chain transaction volume jumped 260% to $21.5 trillion. Revenue and reserve income came in at $694 million, up 20%.
The $222 million presale raise at a $3 billion fully diluted network valuation drew participation from ARK Invest, BlackRock, Bullish, Intercontinental Exchange, SBI Ground, and Standard Chartered Ventures.
The white paper for ARC Token went live today and lays out how “a native coordination asset could support governance, security, and network operations” on the Arc blockchain.
“We’re enterin’ the operatin’ system business, and we’re doin’ it by buildin’ this multi-stakeholder distributed model with a token, with a distributed network … and we’re also gettin’ into the apps business,” Allaire told CNBC.
The chief exec added that the launch of the company’s Agent Stack will build trusted infrastructure for “AI-native economic activity and a more programmable internet financial system.”
Circle’s stock price (CRCL) is up over 2% in pre-market activity. Recall that the shares rocketed by 20% last week after two US senators announced a bipartisan compromise on the most contentious issues regarding the highly anticipated stablecoin deal.
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2026-05-11 14:15