Core Insights - Circle Internet Group has acquired Malachite, a high-performance consensus engine, from Informal Systems to support the launch of a new open Layer-1 blockchain network called Arc, specifically designed for stablecoin finance [1][2] - The acquisition is seen as a validation of Malachite and Informal Systems' incubation model, providing a robust financial foundation for future development and meaningful outcomes [2][6] - Circle plans to release the core software for Arc under a permissive open-source license, allowing broader developer community contributions [3] Company Developments - Circle expects Arc to enter private testnet in the coming weeks, followed by a public testnet in the fall [4] - Circle's CEO, Jeremy Allaire, highlighted opportunities for partnerships with major technology firms, payment companies, and financial institutions [5] - Circle reported a 90% year-over-year increase in USDC in circulation, reaching $61.3 billion as of June 30 [6] Strategic Implications - The acquisition aligns with Informal Systems' strategy of accelerating the growth of incubated projects and supports ongoing collaboration on blockchain applications [6] - Arc aims to serve as foundational infrastructure for the internet, enabling seamless global settlement akin to web messaging [3]
Circle Acquires Informal's Consensus Engine to Support New Blockchain Network