Circle Internet Group unveiled Arc, an open, enterprise-oriented Layer-1 blockchain that will use the company’s USD Coin (USDC) stablecoin as its native gas token. The Ethereum Virtual Machine–compatible network is designed to support stablecoin payments, foreign-exchange transactions and capital-markets applications. A public testnet is scheduled to run from September to November, positioning Circle to deepen control over the infrastructure that underpins its fast-growing stablecoin business. The launch coincided with Circle’s first earnings report since its June initial public offering. Second-quarter revenue jumped 53% from a year earlier to $658.1 million, while USDC in circulation surged 90% to $61.3 billion. The company posted a net loss of $4.48 a share, reflecting non-cash IPO-related expenses, but generated adjusted EBITDA of $126 million, up 52% year over year. Shares rose roughly 6% to 7% in pre-market trading after the results. Circle projects USDC circulation to grow at a 40% compound annual rate over multiple years and forecasts full-year 2025 other revenue of $75 million to $85 million, a regulated liabilities deposit company margin of 36%–38% and adjusted operating expenses of $475 million to $490 million. Management said Arc will be central to achieving those targets by lowering settlement costs and broadening the stablecoin’s use in corporate treasury and trading workflows.