USDC Issuer Circle to Launch Arc With Early Fireblocks Access

Key Insights:

• Arc blockchain launches with Fireblocks support, giving 2,400 institutions day-one network access.
• Circle’s IPO raised $1.05B and USDC circulation surged 90%, reaching $65 billion in August.
• Tether leads with 60% market share, but Circle’s expanding ecosystem adds pressure in stablecoin race.

Circle’s upcoming layer-1 blockchain, Arc, is set to debut with direct support from Fireblocks. The integration will allow banks, asset managers, and fintech companies to access the network as soon as it launches. Fireblocks, a digital asset custody platform based in New York, currently serves over 2,400 financial institutions and supports more than 120 blockchains.

Although Arc is not yet live, Circle has scheduled a public testnet rollout this fall. A full mainnet launch is expected by the end of the year. 

Fireblocks confirmed that it is already preparing custody and compliance tools, enabling its clients to begin transactions on Arc from day one. This early integration marks a contrast to other blockchain projects, such as Solana, which only gained Fireblocks support more than a year after its launch.

Circle Expands Presence Following IPO and Regulatory Progress

The Arc announcement follows several strategic moves by Circle in recent months. On June 5, Circle raised $1.05 billion through its initial public offering. The stock opened at $69 and reached a high of $298.99 before settling at around $145. This IPO marked the first public offering by a stablecoin issuer.

Circle has also reported strong financial results since going public. In its second-quarter earnings, the company posted $658 million in revenue, up 53% compared to the same period last year. 

USDC, Circle’s dollar-backed stablecoin, saw its circulation grow 90%, reaching $65 billion in early August. On the same day as its earnings report, Circle also introduced the Circle Payments Network, aimed at expanding its digital payment services.

Stablecoin Competition Intensifies as Market Expands

The global stablecoin market has continued to grow, with the total market cap reaching approximately $277.16 billion, up from $253.87 billion at the start of July, based on data from DefiLlama. Circle’s USDC makes up about 25% of the fiat-backed stablecoin market. Meanwhile, Tether remains the market leader with close to 60% share.

Tether reported $4.9 billion in profit for Q2 2025, driven mainly by income from U.S. Treasury yields. The company’s $127 billion in short-term U.S. debt holdings has positioned it among the top non-sovereign holders of U.S. Treasurys, exceeding countries such as South Korea and the UAE.

New Blockchain Projects Join the Market

Arc’s introduction comes as several other tech firms enter the blockchain space. In June, Stripe revealed it was working on Tempo, a new blockchain developed with Paradigm. Around the same time, Robinhood announced a layer-2 network focused on asset tokenization.

These new launches point to a wider trend of financial technology companies developing purpose-built blockchain networks to support payments, asset issuance, and stablecoin transactions.