Circle Arc Blockchain Testnet Launches with Institutional Support

Circle has launched the public testnet of its Arc blockchain, an open Layer 1 network built for stablecoin finance. The testnet has attracted over 100 institutional participants, including BlackRock and Apollo.

However, reports have emerged claiming a $222 million presale of the ARC token, but these claims remain unverified. Circle's official announcements and SEC filings confirm only the launch of the public testnet, with no mention of a presale.

The Arc blockchain is designed to support settlement, foreign exchange, and capital markets operations on-chain, and is expected to have a built-in stablecoin base due to Circle's USDC market cap of around $77.79 billion.