Circle's stablecoin Layer1 ARC will launch its public testnet in the fall, providing EVM compatibility.

BlockBeats News, August 12th, Circle disclosed details of the stablecoin Layer1 blockchain ARC. In addition to using the USDC stablecoin as the native Gas token, it will launch a public testnet this fall and be EVM compatible. The goal is to provide enterprise-grade infrastructure for stablecoin payments, foreign exchange, and capital market applications. Circle stated that it will also introduce features including a stablecoin foreign exchange engine, sub-second settlement, and optional privacy features, while fully integrating with the Circle platform and maintaining interoperability with other partner blockchains.

This move by Circle is aimed at countering its top competitor Tether, which has been actively involved in the development and support of two stablecoin Layer1 blockchains: Stable and Plasma. In the current approximately $260 billion stablecoin market, Circle holds a $65 billion market share, while Tether holds around $165 billion.