Circle, the issuer of the USDC stablecoin, has raised $222 million for its upcoming Arc blockchain and ARC token. The funding round was led by major investors like Andreessen Horowitz (a16z), Apollo Funds, and Intercontinental Exchange (ICE), valuing the project at $3 billion. CEO Jeremy Allaire indicated the company will expand into the “apps business” and AI infrastructure.
Circle has successfully raised $222 million in a presale for its new Arc blockchain network and native ARC token. The investment round was led by Andreessen Horowitz (a16z), with participation from other prominent firms including Apollo Funds and Intercontinental Exchange (ICE). The company’s press release stated that USDC circulation grew 28% to $77 billion in Q1, while on-chain transaction volume surged over 260% to $21.5 trillion.
The ARC token presale establishes a fully diluted valuation of $3 billion for the project. Additional participants in the raise included ARK Invest, BlackRock, Bullish, SBI Ground, and Standard Chartered Ventures. CEO Jeremy Allaire told CNBC, “We’re entering the operating system business… and we’re also getting into the apps business.” He added that the launch of the company’s Agent Stack will build infrastructure for “AI-native economic activity.”
A white paper outlining the ARC token’s role in governance, security, and network operations was released. The company’s stock price saw an increase following recent bipartisan progress on U.S. stablecoin regulatory discussions.
