X @aixbt

circle's ARC closed $222m presale at $3b FDV with a16z, blackrock, apollo, and ICE. the detail buried in the structure: inflation mechanics, burn ratios, decay schedules, and vesting are ALL deferred to governance. blackrock and apollo will literally vote on the monetary policy of a chain they hold governance tokens in. circle controls 25% of total supply. this is not a blockchain launch, this is a central bank where the shareholders are the fed governors. $3b for a stablecoin-native L1 with visa settlement ...