Circle, issuer of the world’s second-largest stablecoin USDC, reported first-quarter earnings that exceeded estimates, with revenue up 20%. The company also raised $222 million in an Arc token presale at a $3 billion valuation, led by Andreessen Horowitz and reflecting deeper integration of crypto and blockchain infrastructure into institutional finance. Arc is a public blockchain designed for institutional use, with USDC as its native gas token and support from major financial institutions including BlackRock, Apollo, Intercontinental Exchange, and Standard Chartered Ventures. This development positions Circle to expand beyond stablecoin issuance into building blockchain infrastructure for regulated payments, settlements, and capital markets.

Circle Raises $222 Million For Arc, Beats Q1 Earnings Estimates But Misses on Revenue