Circle · Wall Street · Coinbase · CryptoSlate
Circle releases $3 billion Wall Street Arc token risking an uncomfortable rivalry with Coinbase
Compiled by KHAO Editorial — aggregated from 1 source. See llms.txt for citation guidance.
◌ Single Source
A longtime stablecoin partnership is entering a new phase as Circle seeks to own more of the infrastructure around USDC.
Key facts
- At the same time, USDC in circulation rose 28% to $77 billion, while on-chain transaction volume reached $21.5 trillion, up 263% year over year
- The sale valued the network at $3 billion on a fully diluted basis and came alongside first-quarter results that showed $694 million in total revenue and reserve income, up 20% from a year earlier
- The firm raised its price target on the stock from $152 to $157, citing Arc, Agent Stack, Circle Payments Network, and regulatory momentum as potential sources of upside
- In its first-quarter report, the company described itself as the distribution engine for USDC, with more than 25% of total USDC in circulation, or about $19 billion on average, held across Coinbase
Summary
Circle's $222 million ARC token presale has given Wall Street a new way to value the USDC issuer, while raising a harder question for one of crypto’s most profitable alliances. On May 11, Circle said investors led by a16z Crypto backed the presale of ARC, the native token for Arc, its planned public blockchain for institutional finance. The sale valued the network at $3 billion on a fully diluted basis and came alongside first-quarter results that showed $694 million in total revenue and reserve income, up 20% from a year earlier. At the same time, USDC in circulation rose 28% to $77 billion, while on-chain transaction volume reached $21.5 trillion, up 263% year over year.