Circle's new layer blockchain Arc will integrate with Fireblocks, a New York-based digital asset custody and tokenization platform that serves over 2,400 banks, asset management firms, and fintech companies. Arc has not yet launched, but Circle plans to roll out a public testnet this fall and fully launch by the end of the year.
Fireblocks has stated that it is prepared with custody and compliance support so that clients can trade once the Arc network goes live. The platform supports over 120 blockchains and provides settlement convenience for institutions in global markets.
This unusually early integration has sparked some criticism on X. For example, Solana launched in 2020 but was only added to Fireblocks after its ecosystem reached critical mass by the end of 2021. In contrast, Arc will debut with the support of Fireblocks integration, providing banks and asset management firms with "day one" access.
While U.S. regulators have advanced clarity on stablecoin regulation through the GENIUS Act signed on July 18, Circle has been expanding its business footprint.
On June 5, Circle raised $1.05 billion in the first IPO of a stablecoin issuer. The stock opened at $69, peaked at $103.75, and closed at $83.23—up 168% from the IPO price. The stock reached a high of $298.99 on July 23 and is currently trading at around $145.
The company's first earnings report since going public was released on Tuesday, reporting second-quarter revenue of $658 million, a 53% year-over-year increase. The report showed that the circulation of USDC grew by 90% during the same period, reaching $61.3 billion by June 30 and climbing to over $65 billion in early August.
On the same day, Circle expanded its payment infrastructure by launching the Circle payment network and announced Arc—a layer blockchain described as built specifically for "stablecoin finance."
While Circle is a step ahead in the IPO space, the announcement of Arc comes amid a broader wave of new blockchain launches, including Stripe developing Tempo with Paradigm and Robinhood launching a tokenization-focused layer two network in June.
According to DefiLlama data, the market cap of stablecoins is currently about $277.16 billion, up from $253.87 billion on July 1. While Circle's USDC accounts for about a quarter of the fiat-backed stablecoin market, Tether continues to dominate globally, holding a market share of about 60%.
Tether reported a profit of $4.9 billion for the second quarter of 2025, a 277% increase year-over-year. Most of the profit comes from Treasury yields, with the company's $127 billion in short-term U.S. debt generating stable income.
Tether has now become one of the largest non-sovereign holders of U.S. Treasuries, surpassing countries like South Korea and the UAE, an unprecedented position for a private company.
Related: Japan to launch its first yen-backed stablecoin, marking a significant breakthrough in the Asian crypto landscape.
Original: “Circle's Arc Blockchain to Integrate with Fireblocks, Providing Institutional Access”
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