Circle Raises $222M for Arc Blockchain Through Token Presale

Circle, the issuer of the widely-used USDC stablecoin, has made headlines with its recent token presale for the Arc blockchain. With a valuation of $3 billion, the presale attracted significant investment from prominent players in traditional and crypto finance.

The presale saw Circle raise $222 million by selling tokens before the launch of the Arc platform. The total supply of ARC tokens is set at 10 billion, with 25% allocated to Circle itself. The remaining tokens are split between ecosystem growth for users and developers (60%) and reserves (15%).

The participation of BlackRock and Intercontinental Exchange in the presale highlights the growing interest in blockchain technology from traditional finance. Andreessen Horowitz led the round with a $75 million commitment, further underscoring the institutional backing for Arc.