Circle Raises $222M in ARC Token Presale Valued at $3 Billion

Circle Internet Group, the issuer of USDC stablecoin, has raised a significant amount in a presale of ARC tokens. The company has sold 740 million ARC tokens at $0.30 each, valued at $222 million, as part of a private placement led by a16z crypto.

The presale was backed by several major financial institutions, including BlackRock and Apollo Funds. This move is seen as a major step in Circle's effort to expand beyond stablecoin issuance into blockchain infrastructure.

Circle plans to use the funds raised from this presale to build its Arc blockchain network into a settlement layer for stablecoin finance, tokenized assets, and programmable financial markets.