Circle 正在构建自己的链，华尔街正在运行节点

The stablecoin giant launches Arc mainnet on September 16 with BlackRock, DTCC, and Visa as validators, betting that owning the infrastructure matters more than owning the dollar.

Summary Circle launches Arc, a USDC-native Layer 1 blockchain, on September 16, one day after the Senate votes on the CLARITY Act, the most consequential piece of crypto legislation since the GENIUS Act.

Eleven founding validators include BlackRock, DTCC, Visa, Mastercard, ICE, Standard Chartered, and Galaxy, making Arc the most institutionally backed genesis cohort in blockchain history.

The ARC token presale raised $222 million at a $3 billion fully diluted valuation, led by a16z crypto with participation from BlackRock, Apollo, and ARK Invest.

DTCC will tokenize DTC-custodied assets on Arc starting in 2027, and BlackRock will deploy its $2.87 billion BUIDL fund natively on the network.

Arc runs on Malachite, a Tendermint-derived BFT consensus engine delivering sub-500-millisecond finality, with an EVM-compatible execution layer built on Reth and gas fees denominated in USDC.

The timing is either brilliant or reckless. Circle will flip the switch on Arc mainnet on September 16, 2026, exactly one day after the U.S. Senate holds a cloture vote on the CLARITY Act. If the bill clears its 60-vote threshold, Arc launches into a market with freshly codified stablecoin rules that Circle helped write. If the bill fails, Arc launches anyway, into regulatory ambiguity that could last years.

Either way, the stablecoin company that spent a decade convincing Wall Street to trust USDC is now asking that same Wall Street to run its blockchain nodes. And Wall Street said yes.

Circle CEO Jeremy Allaire called Arc “a bigger opportunity than USDC” during the company’s Q2 2026 earnings call, where he described it as “the birth of a new operating system layer for economic activity in the world.” That is not the language of a company hedging its bets. That is the language of a company that believes stablecoin issuance was just the opening act.

Why a stablecoin company needs its own chain

The short answer: margins. Circle made $701 million in revenue last quarter, but most of that came from reserve income on the Treasury bills backing USDC. When interest rates drop, that revenue drops with it. A blockchain generates transaction fees regardless of the rate environment.

The longer answer involves a structural problem that has plagued USDC since its inception. Circle issues the dollar. Ethereum, Solana, Base, and a dozen other networks move it. Every time a USDC transaction settles on Ethereum, Circle captures zero value from that settlement. The gas fee goes to ETH stakers. The MEV goes to searchers. Circle gets nothing except the float on the underlying reserves.

JUST IN: Circle reports Q1 revenue and reserve income of $694m, USDC circulation at $77B, and $21.5T onchain transaction volume pic.twitter.com/2Z2z35ZfTy — crypto.news (@cryptodotnews) May 12, 2026

Arc changes that equation. On Arc, USDC is the native gas token. Every transaction fee is denominated in dollars, not in a volatile network asset. And the ARC token, which Circle holds 25% of at genesis, accrues value through validator rewards and token burns. Circle is no longer just the issuer. It is the infrastructure.

This is the vertical integration play that crypto purists have been warning about for years. And it is happening.

The validator list that changed the conversation

When Circle announced its founding validator cohort on August 5, the reaction split cleanly down ideological lines. Crypto-native builders saw a consortium chain dressed in decentralization language. Traditional finance executives saw the most credible launch network since Visa joined Solana.

The eleven founding validators: BlackRock, DTCC, Galaxy, Global Payments, ICE, Mastercard, MoneyGram, SBI Group, Standard Chartered, Sumitomo Corporation, and Visa.

Read that list again. DTCC clears and settles the vast majority of U.S. securities transactions. ICE owns the New York Stock Exchange. BlackRock manages over $11 trillion in assets. These are not speculative crypto funds looking for yield. These are the institutions that already run the traditional financial system, and they are now running nodes on a blockchain built by a stablecoin company.

The DTCC partnership alone deserves its own paragraph. Starting in the second half of 2027, DTCC will tokenize DTC-custodied assets on Arc, covering tokenized repo, collateral mobility, and corporate actions. Those tokenized assets will carry the same protections, rights, and safeguards that investors receive with traditionally held securities. This is not a pilot. This is DTCC committing its roadmap to a specific chain.

BlackRock plans to deploy its BUIDL fund on Arc, the tokenized Treasury product that has already crossed $2.87 billion in assets. Institutional investors will be able to subscribe, redeem, and deploy fund assets within a single on-chain environment using native USDC. No bridging. No wrapped tokens. No off-ramp friction.

Inside the machine: how Arc actually works

Arc is not a rebadged Ethereum fork. It borrows from Ethereum where borrowing makes sense, and it diverges where Circle decided institutions need something different.

The consensus layer runs Malachite, built by the team that joined Circle from Informal Systems. Informal was the company behind much of the original Tendermint and IBC work in the Cosmos ecosystem, which means Arc’s consensus engine carries serious BFT pedigree. Malachite delivers deterministic finality in under 500 milliseconds. That is not probabilistic finality like Ethereum. A transaction on Arc is final when the block closes. Period.

LATEST: Ripple becomes day-one partner for Open USD to advance multichain stablecoin infrastructure pic.twitter.com/OI694wXLW9 — crypto.news (@cryptodotnews) June 30, 2026

The execution layer is built on Reth, the Rust-based Ethereum client. This gives developers a familiar EVM-compatible environment. Solidity, Foundry, Hardhat, and existing Ethereum tooling all work on Arc out of the box. Developers can port contracts without rewriting them.

The fee model takes EIP-1559 as a starting point but replaces block-level fee adjustments with a weighted moving average of network demand. The result is fees that stay low and predictable in dollar terms, because they are literally denominated in dollars. No more guessing whether a transaction will cost $0.50 or $50 based on network congestion.

Arc also ships with a privacy layer that can hide transfer amounts when needed, a feature aimed squarely at institutional users who cannot broadcast their trading activity on a public ledger.

During Q2 2026, Circle reported that the Arc testnet had processed more than half a billion transactions across nearly 3 million wallets. The private mainnet is already running with over 100 institutional and ecosystem participants.

The $3 billion bet and the token question

In May, Circle closed a $222 million presale for the ARC token at a $3 billion fully diluted valuation. The round placed 740 million tokens at $0.30 each, roughly 7.4% of the 10 billion initial supply.

The investor list reads like a who’s who of institutional crypto capital: a16z crypto led the round, with BlackRock, Apollo Funds, ARK Invest, General Catalyst, Haun Ventures, Intercontinental Exchange, IDG Capital, Janus Henderson, Marshall Wace, SBI Group, and Standard Chartered Ventures all participating.

Token allocation breaks into three buckets. About 60% goes to the ecosystem for developers, grants, and network growth. Circle retains 25% for development, staking, and governance. The remaining 15% sits in a long-term reserve for market stability.

The dual-token model is the part that makes some observers uncomfortable. USDC handles gas fees and settlement. ARC handles staking, governance, and validator rewards. Circle earns revenue from both sides of that equation. It collects float on USDC reserves. It earns staking income and fee revenue from its 25% ARC stake. It charges for enterprise integrations. The revenue guidance jump tells the story: Circle doubled its “other revenue” forecast to $310 million to $330 million for full-year 2026, up from $150 million to $170 million, largely on the strength of Arc token presale proceeds and anticipated network fees.

CRCL stock responded by rallying past $72, though it remains roughly 10% below its 2026 high. The market is pricing in potential, not certainty.

The CLARITY Act factor

The September 15 cloture vote on the CLARITY Act is not a coincidence that Circle is ignoring. The bill, which passed the House in July 2025 and cleared the Senate Banking Committee 15-9 in May 2026, represents the most comprehensive attempt to regulate digital assets in U.S. history.

For Circle specifically, the CLARITY Act matters because it preserves the GENIUS Act framework that treats USDC as a regulated payment stablecoin. The bill text prohibits interest or yield on idle stablecoin balances while permitting activity-based rewards, a distinction that shapes how Arc’s fee model can operate.

If the CLARITY Act passes, Arc launches into a market where the rules are written and Circle’s compliance-first approach becomes a competitive moat. Every competitor that cut corners on regulation suddenly faces a choice: comply or lose institutional clients.

If the bill fails to reach 60 votes, the regulatory picture stays murky through at least 2027. Three fights remain unresolved: who enforces ethics rules tied to political officials with crypto interests, whether stablecoin rewards survive in their current form, and how far developer protections extend.