Currently, Circle’s USDC stablecoin ranks as the second-largest fiat-backed crypto asset by market capitalization at $65.23 billion. On Tuesday, Circle (NYSE: CRCL) released its second-quarter earnings, reporting that “USDC in circulation grew 90% year-over-year to $61.3 billion at quarter end, and has grown an additional 6.4% to $65.2 billion as of August 10, 2025.”

Following its Q2 disclosures, the company revealed that a proprietary L1 chain is on the way. “Introducing Arc, an open Layer-1 blockchain purpose-built for stablecoin finance, and a defining moment in our journey for Circle to deliver a full-stack platform for the internet financial system,” Circle explained.

Circle now joins a growing list of rivals rolling out their own blockchains, including Kraken’s Ink, Coinbase’s Base, and Binance’s BNB Chain. Robinhood is also building a layer two (L2) network, while Stripe recently disclosed plans for an L1 chain. “Arc is designed to provide an enterprise-grade foundation for stablecoin payments, FX, and capital markets applications,” Circle said on Monday.

The stablecoin issuer further added:

“The EVM-compatible network features USDC as its native gas, along with an integrated stablecoin FX engine, sub-second settlement finality, and opt-in privacy controls.”

Notably, Circle and Stripe are opting to develop L1 chains, a different path from competitors that have favored L2 builds. Circle said its new chain, Arc, will be deeply woven into the company’s platform and services, while staying fully compatible and interoperable with the dozens of partner blockchains it already supports. The company added that Arc is slated to debut in a public testnet this fall.

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