The Key Takeaways
What is next for Arc after it launches the public testnet?
If successful, the blockchain-based payment system could be soon available on mainnet to all.
What is the importance of Arc’s progress?
This signals an upcoming shift in the payment system for stablecoins. Whether Ethereum can hold on to its position remains to be determined.
Circle is the USC issuer stablecoin, is close to launching its Arc chain – A global payment-focused L1 powered by digital dollars. The aforementioned is a statement The firm announced on October 28 that public testing had been started for the chain in conjunction with its key partners. The list of partners includes top asset managers, banks and insurers like BlackRock and HSBC.
Circle CEO Jeremy Allaire said: Partners have millions of users around the globe and manage trillions of dollar in assets. He said that Arc allows local builders and markets to seamlessly connect with the global economy.
Allaire called the “economic OS of the internet,” You can also find out more about the following: added,
“This geographic diversity highlights a defining strength of Arc: its purpose-built to connect every local market to the global economy.”
Source: X
The Stablecoin Payments Heat Up
Arc aims to provide support for on-chain foreign exchange (foreign currency) and capital market (tokenization), in addition to global payments and agentic payment.
Robert Mitchnick (Global Head of Digital Assets at BlackRock) highlighted that FX and tokenization were two key areas for the company in this project. He added:
“Exploring Arc will provide insight into how stablecoin-denominated settlement and onchain FX capabilities might enable more efficient capital markets and unlock additional utility for onchain assets.”
Arc, however, isn’t the only project that aims to reinvent payment and capital market via rails on chains.
Google Stripe and Tether all have plans that are similar. Tether’s Plasma is actually backed by Tether [XPL] It is live now and has about $6 billion Stablecoins are a part of this supply. The fifth-largest digital dollar chain is now stablecoin.
Source: DeFiLlama
Google’s GUCL (Google’s Blockchain) and Stripe Tempo, or Tempo by Stripe, are both expected to be released in the very near future. The new chains combined could threaten Ethereum’s share of the stablecoin market. according According to some analysts
Ethereum currently controls about $162 billion, or 53 percent of the $305 billion total supply. Tron [TRX] Handles about a quarter the total market while sharing the remainder with other chains.
Ethereum has been setting records in stablecoin transactions every month. For the first time ever, stablecoin volumes have reached record levels. crossed The $2 trillion Ethereum milestone will be reached in October.
Source: the Block
Ethereum is still the dominant player in the payment chain market. However, Arc, Plasma and Tempo are also contenders.
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Source: ambcrypto.com
