Circle Plans New Coin, Blockchain Amidst Regulatory Shift

Following the official launch of the U.S. Stablecoin Regulatory Uniformity Act (Genius Act) in July, Circle, the company behind the USDC stablecoin, is accelerating its expansion. The company is exploring the launch of its own blockchain and a new coin as part of this strategy.

Circle is considering initiating its own blockchain for stablecoin transactions and has already begun testing on its Arc network, involving over 100 companies. The company recently shared details about Arc, alongside its third-quarter financial results.

Circle stated that it is evaluating the potential of introducing a token on the Arc network, emphasizing that this remains under consideration. The proposed ARC token is intended to support the network’s long-term growth, though further details have not been released.

The developments come as Circle’s main competitor, Tether, prepares to launch its own stablecoin networks, Stable and Plasma. Tether is also planning to develop a U.S.-based stablecoin, known as USAT, which will be compliant with the Genius Act. The move signifies increased competition within the stablecoin market following regulatory changes in the United States.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility.