At the same time as releasing its quarterly report, Circle announced the $222 million financing information (valued at $3 billion) for its EVM chain Arc, and clearly stated that it had completed token financing. That is to say, this chain will issue coins, making Circle the first listed company to conduct token pre-sales. Prior to this, Arc's documentation clearly stated that the gas used in the Arc chain is USDC. What is the purpose of this upcoming ARC token? After reading the just released white paper, ARC is designed as the "native coordinating asset" of the entire Arc system, which ensures the security of the chain through staking, obtains platform rights through ARC tokens, captures the value of protocol fee income, participates in economic governance, and so on. This is the two-layer token model design of the popular stablecoin public chain: USDC is responsible for making gas to "use the chain"; ARC is responsible for the growth of ownership chains, coordination chains, governance chains, and sharing chains. Information on ARC Token Economy: • Initial supply=10 billion The early inflation rate is expected to be around 2-3% per year Inflation rate decreases over time Long term goal=inflation neutrality 25% - Circle (Foundation/Core Team) 60% - Ecosystem (token sales, developer funding, network growth plans, etc.) 15% - Long term reserves