Circle’s upcoming Arc blockchain will debut with direct institutional access through Fireblocks, positioning the stablecoin issuer for a stronger foothold as competition in the sector accelerates.
New York–based Fireblocks, which provides custody and tokenization infrastructure to more than 2,400 banks, asset managers, and fintech firms, confirmed it will support Arc from launch.
The early integration marks a departure from the usual practice of adding new blockchains after their ecosystems mature. Solana, for example, launched in 2020 but was not integrated into Fireblocks until late 2021.
Circle plans to open Arc’s public testnet this fall, with a full launch expected before the end of the year. The firm touts Arc as a layer-1 blockchain purpose-built for “stablecoin finance,” offering settlement and compliance features tailored for institutional participants.
Circle’s expansion
The launch follows significant milestones for Circle in 2025. On June 5, the company raised $1.05 billion in its IPO, the first by a stablecoin issuer. Shares opened at $69 and peaked at nearly $299 in July before settling around $145 in mid-August.
In its first quarterly earnings report as a public company, Circle reported $658 million in revenue for the second quarter, a 53% increase from a year earlier. Circulation of its USDC stablecoin rose 90% in the same period to $61.3 billion, climbing above $65 billion in early August.
Circle has also rolled out the Circle Payments Network to expand its settlement infrastructure, while U.S. regulators advanced clarity on stablecoins with the passage of the GENIUS Act in July.
Intensifying competition
The broader stablecoin market has grown to roughly $277 billion, up from $254 billion at the start of July. While USDC represents about a quarter of the fiat-backed market, rival Tether maintains a dominant market share of over 60%.
Tether reported $5.7 billion in second-quarter profit, a 277% jump from the previous year, largely derived from earnings on its $127 billion in short-term U.S. Treasurys. The position makes it one of the largest private holders of U.S. government debt, surpassing countries such as South Korea and the UAE.
Arc’s debut with Fireblocks aims to ensure Circle’s institutional partners can participate from the outset, reflecting the company’s strategy to strengthen USDC’s role as regulatory clarity and competition reshape the stablecoin landscape.
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