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Circle’s Arc: When a Stablecoin Becomes the Chain Is Ethereum Losing Its Star Tenant?
Circle launches Arc, an EVM-compatible L1 with USDC as gas, targeting fast, reliable stablecoin payments, FX, and capital markets.
Arc may shift stablecoin flows from Ethereum but aims for multichain interoperability, preserving some liquidity links.
Enterprise-grade features like sub-second finality and built-in FX could give Arc strong appeal for compliant payments and treasury use.
If you have been watching stablecoins quietly become crypto’s real product–market fit, Circle’s new move may not surprise you. It feels like the next natural step.
On August 12, Circle announced Arc—an open, EVM-compatible Layer-1 blockchain built for stablecoin finance. USDC will be the native gas token. Fees will be in dollars for predictable costs. Settlement aims for sub-second speed. Arc also has an institutional-grade FX engine for stablecoin pairs. In one step, Circle goes from “issuer on other people’s rails” to “platform with its own rails.”
Arc’s goal is clear: make onchain money systems stable and reliable for payments, FX, and capital markets. Arc will connect deeply with Circle’s products (USDC/EURC/USYC, Payments Network, CCTP, Wallets, Paymaster). It will use a high-performance consensus called Malachite for deterministic sub-second finality. A private testnet will launch in weeks, a public testnet this fall, and a mainnet beta in 2026. This is a very open roadmap for a new L1.
WHY ARC’S TIMING MATTERS
Two big trends make Arc’s launch well-timed:
Regulation for stablecoins is getting clearer, especially in the U.S. The new GENIUS Act has encouraged both big players and challengers. Circle’s latest earnings also showed this focus, with Arc positioned as built for compliant, enterprise-grade money flows.
Stablecoin issuers are moving down the stack. Besides Circle, Tether has shared plans for Plasma, a zero-fee USDT blockchain aimed at payments. This shows big issuers want more control over the base layer, not just the tokens.
WHAT THIS MEANS FOR ETHEREUM
The quick, easy take: if stablecoins move to their own issuer-run L1s, Ethereum loses. It could lose fees, activity, and narrative power. ETH is near a four-year high, close to its 2021 peak, making these concerns louder.
But the more balanced view is mixed.
Bear case for ETH
Loss of activity: Payments, FX, and stablecoin DeFi could move to Arc, where USDC is gas, reducing L1 fee revenue for Ethereum.
Issuer advantage: If Arc offers smoother on/off-ramps, paymaster flows, and FX, merchants and fintechs may choose Arc first.
Bull or neutral case
EVM compatibility means easier links: Arc is EVM-aligned and market-neutral, with CCTP and multichain bridges. This could send liquidity back to Ethereum and L2s, not just keep it on Arc.
Liquidity depth still matters: Blue-chip collateral, tokenized RWAs on Ethereum/L2s, and dense DeFi liquidity still pull flows back—even if payments happen elsewhere. Arc’s open, composable design can reinforce this.
The takeaway: ETH might lose some stablecoin-related transactions, but Arc could also connect well with Ethereum if it works as planned. Circle says Arc is multichain-friendly, not a closed system.
WHAT MAKES ARC DIFFERENT
USDC as gas → predictable, dollar-denominated fees; no volatile token needed.
Built-in stablecoin FX → an RFQ engine with PvP settlement for USDx/EURx and more, aimed at real payments and treasury use.
Deterministic sub-second finality (Malachite) → fast, card-like experience for enterprises.
Opt-in privacy → selective privacy for balances/transactions to meet compliance needs.
Arc wants to turn USDC’s wide use into platform power: payments, FX, RWA settlement, and programmable commerce—all linked by dollar-based gas and Circle’s network. If it works, Circle can earn not only from float and network effects, but also from gas fees and infrastructure services. That is a very different business from just issuing a stablecoin.
WHAT TO WATCH
Public testnet in fall 2025: compare latency, throughput, and developer experience with Solana, Tron, and ETH/L2s.
Payment pilots: PSP integrations using USDC gas and paymaster flows.
Competition: Will Tether’s Plasma take flows off Tron? Will others copy the model?
BOTTOM LINE
Arc is not declaring war on Ethereum. It is creating a home field for stablecoin finance. If Circle delivers, it could solve long-standing problems for enterprises—volatile gas, complex FX, and privacy issues. Ethereum will stay important as a deep-liquidity settlement hub, even if some flows move to Arc. In a regulated, stablecoin-first world, this may be the real balance point.
Research Ref：
Circle
MarketWatch
Investors
Barron’s
〈Circle’s Arc: When a Stablecoin Becomes the Chain Is Ethereum Losing Its Star Tenant?〉這篇文章最早發佈於《CoinRank》。