Circle Launches Arc Testnet With BlackRock, Visa, and AWS — A New Era for Stablecoin Infrastructure

Core Insights - Circle has launched the public testnet for its Layer 1 blockchain network, 'Arc,' which aims to create an open and efficient global economic system on the internet [2][3] - The project has received significant backing from over 100 global firms, including major financial institutions and technology companies [1][6] Group 1: Arc Testnet Overview - The Arc testnet allows for experimentation with new functions in a secure environment, supporting various financial applications such as lending, capital markets, foreign exchange, and global payments [4][6] - Arc utilizes USDC as its native gas token, providing predictable fees and an economically efficient cost structure, addressing the high and volatile fees associated with public chains like Ethereum [3][2] Group 2: Institutional Participation - Major Wall Street firms involved in the Arc project include BNY Mellon, Intercontinental Exchange (ICE), State Street, BlackRock, Deutsche Bank, Goldman Sachs, HSBC, and Standard Chartered [6] - Technology and payment giants such as AWS, Mastercard, and Visa are also participating, along with leading cryptocurrency exchanges like Coinbase, Kraken, and Robinhood [6] Group 3: Future Plans - Circle's long-term plan includes transitioning Arc to a decentralized governance system, expanding validator participation to establish a community-centric operational structure [7]