Circle launches Arc blockchain testnet with 100+ participants

Circle Internet Group Inc. (NYSE: CRCL) launched the public testnet for Arc, a Layer-1 blockchain network designed for developers and companies building financial applications. The testnet launch includes participation from more than 100 companies across financial services, technology, and infrastructure sectors.

Arc features dollar-based fees, sub-second transaction finality, and configurable privacy options. The blockchain integrates with Circle's platform to support use cases in lending, capital markets, foreign exchange, and global payments.

"Arc presents the opportunity for every type of company to build on enterprise-grade network infrastructure," said Jeremy Allaire, co-founder, chairman and CEO of Circle.

Major financial institutions participating in the testnet include Apollo (NYSE: APO), BNY (NYSE: BK), BlackRock Inc. (NYSE: BLK), Goldman Sachs (NYSE: GS), and Deutsche Bank (NYSE: DB). Technology companies include Amazon Web Services (NASDAQ: AMZN), Cloudflare (NYSE: NET), Mastercard (NYSE: MA), and Visa (NYSE: V).

Digital asset exchanges Coinbase (NASDAQ: COIN), Robinhood (NASDAQ: HOOD), and Kraken are among the market participants. The testnet also includes stablecoin issuers from multiple countries, including AUDF from Australia, BRLA from Brazil, and JPYC from Japan.

Circle plans to transition Arc from its current stewardship model to distributed governance operated by financial institutions, technology platforms, and protocol developers. The company describes Arc as infrastructure for what it calls an "Economic Operating System" for the internet.

The testnet allows developers and enterprises to deploy and test applications on the network. Circle issues USDC and EURC stablecoins and provides blockchain integration services to enterprises.

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