Circle, the stablecoin issuer behind USDC, plans a native token for its ARC layer-1 blockchain testnet, with participation from companies like BlackRock and Visa. The company reported Q3 revenue of $740 million, a 66% increase year-over-year, with net income of $214 million. However, costs also rose, totaling $448 million in distribution and transaction costs.

The launch of the Arc network signals a shift toward application-specific blockchain networks, aiming to address speed, scalability, and fee issues. Examples include Hyperliquid and Injective protocols, but critics warn of liquidity fragmentation and hacking risks. Andre Cronje cautioned that appchains underestimate infrastructure and compliance costs, while Marc Boiron of Polygon Labs argued for improved interoperability.

Read more at Cointelegraph: Circle Mulls Native Token for Arc Network As Q3 Profit Surges