Circle to launch Arc blockchain network with BlackRock, Visa and Mastercard as initial validators

Circle, issuer of the USDC stablecoin, said it will launch its own blockchain network, called Arc, on 16 September (25 Shahrivar 1405), with BlackRock, Visa and Mastercard among the network's initial validators. According to Arzdigital, DTCC, Galaxy Digital and Standard Chartered will also help secure the network, and BlackRock plans to deploy its tokenized money market fund, BUIDL, on Arc. Circle also released its second quarter financial results, reporting net income of $48 million compared with a loss a year earlier; total revenue reached $701 million and USDC circulation grew 19 percent to $73.3 billion. Circle chief executive Jeremy Allaire told analysts on a call that this combination of validators gives Arc a lineup no other network can match. Circle has also recently received final approval from the US Office of the Comptroller of the Currency to establish Circle National Trust.