Circle officially launches Layer 1 blockchain Arc
On Wednesday, Circle officially launched its independently developed Layer 1 blockchain network Arc. The founding verification node of the network is co-chaired by well-known institutions such as BlackRock, Depository Trusts and Clearing Corporation (DTCC), Intercontinental Exchange Group (ICE), Mastercard, Visa, Standard Chartered Bank, MoneyGram, SBI Group, Sumitomo Group, Worldpay and Galaxy.
USDC is set as the Gas token for the network, which means that transaction fees will be paid in stablecoins rather than volatile native assets. Circle introduced more than 100 institutions and ecological partners to the network on its first day of launch.
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