Circle plans native token for Arc blockchain as Q3 profit surges
The stablecoin issuer considered stablecoin-denominated gas fees on Arc, but has a long-term goal of shifting to distributed governance.
Stablecoin issuer Circle, the company behind the USDC dollar-pegged stablecoin, is planning a native token for its ARC layer-1 blockchain testnet, an enterprise-focused Ethereum Virtual Machine network.
Circle launched the Arc testnet in October, with participation from investment bank Goldman Sachs, asset manager BlackRock, credit card company Visa and over 100 other companies.
The company, which disclosed plans for the new token alongside its earnings on Wednesday, initially planned to center gas fees on the Arc network around USDC (USDC) and other stablecoins.