Circle Launches Arc Public Testnet with Over 100 Participants Including BlackRock, Goldman Sachs

Circle Internet Group has deployed a public testnet for its open, layer-1 blockchain network, Arc.

According to an Oct. 28 press release, over 100 organizations from the finance, business, and technology sectors have opted to test the new network. Notable participants include tech firms such as Amazon Web Services, Anthropic, and Cloudflare as well as financial services firms including BlackRock, Deutsche Bank, Goldman Sachs, and Standard Chartered.

A new layer-1 blockchain

The Arc network was first announced on Aug. 12. It is an Ethereum Virtual Machine (EVM) compatible, open blockchain that uses USDC USDC $1.00 24h volatility: 0.0% Market cap: $76.18 B Vol. 24h: $14.84 B as its native gas token. Per the press release, it was built to support “predictable dollar-based fees, sub-second transaction finality, opt-in configurable privacy, and direct integration with Circle’s full-stack platform.”

Circle also said Arc was designed to provide complete functionality for stablecoins. Gas fees are paid in USDC or other stablecoin and the firm intends to deploy native infrastructure on Arc to support core stablecoin swaps and FX liquidity.

Circle Signals Q3 Growth Cycle

The Arc launch could cap off a demonstrably productive October for Circle. The firm started the month with analysts predicting massive growth and, by any measure, it hasn’t disappointed.

As Coinspeaker reported, Paris-based finance firm Rothschild & Co Redburn started coverage of Circle Internet Group (CRCL) on Oct. 3, giving it an initial “neutral” rating and a price target of $136. As of the time of this article’s publication, CRCL is trading at $139 placing it slightly above the initial target and down nearly 3% over 24 hours.

Circle has surpassed the initial target of $136 set by Rothschild & Co Redburn in October | Source: TradingView

Meanwhile, on Oct. 28, Fintech banking firm Clearbank signed a strategic framework agreement with Circle to integrate the USDC and EURC stablecoins across Europe. The companies say this will enable faster cross-border remittances with lower fees. They intend to use the partnership to explore treasury and tokenized asset settlement use cases.

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