Circle CEO Jeremy Allaire announced plans for a native token for the Arc Network layer-1 blockchain during an event in Seoul. The token will facilitate governance, provide incentives, and transition the network to a proof-of-stake system. Allaire described the development as Circle’s most significant platform move since the launch of USDC.
The Arc Network launched its public testnet in October 2025. More than 100 institutional participants have already joined the network. These participants include major firms such as BlackRock, Visa, and Goldman Sachs.
The network operates as an economic operating system featuring USDC-denominated gas fees. Circle (CRCL) shares rose approximately 10% following the announcement.