Circle Internet Group has launched the public testnet for Arc. Arc is a new Layer 1 blockchain built for large financial and enterprise applications. It refers to Arc as an "economic operating system for the internet" and has over 100 banking, payments, and technology organizations participating in the testnet.
Arc provides features such as predictable dollar-based fees, transaction times under one second, customizable privacy settings, and direct access to Circle's platform. Its original gas token is USDC, a stablecoin.
The testnet includes major companies such as Apollo, BNY Mellon, Goldman Sachs, Visa, Amazon Web Services, and Coinbase. The network allows stablecoin and tokenized asset issuance, as well as AI-powered developer tools.
According to Circle, Arc seeks to provide quick, safe payments to businesses around the world. They also claim it may eventually allow AI systems to swap value automatically. As the blockchain evolves, it will place a greater emphasis on regulation and community governance.
Circle's Arc represents a step toward creating a more open, efficient, and global financial system on the internet.
