- Eleven institutions will run validators alongside Circle when Arc’s public mainnet opens on September 16.
- Total revenue and reserve income reached $701 million, with net income of $48 million against a $482 million loss a year earlier.
- Last month, Circle won final approval from the U.S. Office of the Comptroller of the Currency for a national trust bank.
Circle will open the public mainnet of its Arc blockchain on September 16, naming a founding validator cohort drawn almost entirely from traditional finance. BlackRock, DTCC, Galaxy, Global Payments, ICE, Mastercard, MoneyGram, SBI Group, Standard Chartered, Sumitomo Corporation and VISA will secure the network alongside Circle. BlackRock is expected to deploy BUIDL, its tokenized money market fund, on Arc, while DTCC will enable tokenization of assets it custodies, though not until the second half of 2027.
Arc is in private mainnet with more than 100 builders, and its testnet has processed over half a billion transactions across nearly 3 million wallets. CEO Jeremy Allaire called the line-up “a cohort of network validators no other network can match.” Aave, Morpho and Uniswap are among day-one DeFi protocols, with Binance Wallet, Kraken, Ledger and MetaMask providing access. Gas is paid in Circle‘s stablecoin USDC.
Meanwhile, Circle reported second-quarter results with total revenue and reserve income of $701 million, up 7% year-over-year. Reserve income of $668 million grew 5%, though the reserve return rate dropped 66 basis points to 3.5%. Net income of $48 million compares with a $482 million loss a year earlier, when IPO stock compensation dominated the quarter. USDC in circulation closed at $73.3 billion, up 19%, and on-chain transaction volume hit $14.8 trillion, up 151%. Circle‘s share of the fiat-backed stablecoin market slipped to 27%.
Last month, Circle received final approval from the OCC to establish Circle National Trust, making it one of the first stablecoin issuers to hold a federal bank charter. Allaire said the infrastructure bank “becomes a way to project Circle’s infrastructure into global markets for payments, for capital markets, and for use of digital dollars in corporations all around the world.” The Circle Payments Network reached $14.7 billion in annualized transaction volume, up 76% quarter-over-quarter, with 175 financial institutions enrolled. Circle roughly doubled its full-year guidance for other revenue to between $310 million and $330 million, attributing the increase in part to recognized revenue from the ARC token presale.
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