Circle: The Layer 1 ARC focused on stablecoins will launch its public testnet in the fall

ChainCatcher news, according to businesswire, Circle has disclosed details about its stablecoin Layer1 blockchain ARC. In addition to using the USDC stablecoin as its native Gas token, it will launch a public testnet this fall and will be EVM compatible. The goal is to provide an enterprise-grade foundation for stablecoin payments, foreign exchange, and capital market applications.

Circle also stated that it will introduce features including a stablecoin foreign exchange engine, sub-second settlement, and optional privacy features, while being fully integrated with the Circle platform and maintaining interoperability with other partner blockchains.

Circle's move aims to counter its top competitor Tether, which has been actively involved in the development and support of two stablecoin Layer1 blockchains: Stable and Plasma. In the current stablecoin market of approximately $260 billion, Circle holds a market share of $65 billion, while Tether accounts for about $165 billion.