Circle Launches Testnet for Arc Blockchain With BlackRock, Goldman Sachs, and Other Major Firms
Circle Internet Group, the company behind the $76 billion USDC stablecoin, has unveiled the test version of its new blockchain network, Arc, drawing early participation from some of the world’s biggest financial institutions, including Goldman Sachs, BlackRock, Apollo Global Management, and Intercontinental Exchange.
According to a statement released Tuesday, Arc is designed to enable stablecoin-based payments and settlements directly on-chain. The network’s test phase is now open to developers and enterprises looking to experiment and build applications using the technology.
The launch marks Circle’s latest step toward expanding beyond USDC, which has become one of the most widely used dollar-backed stablecoins. Since going public in June, the company has accelerated its efforts to integrate blockchain infrastructure into traditional finance, particularly in areas like settlement, trading, and tokenized asset issuance.
“Exploring Arc will help us understand how stablecoin-denominated settlement and on-chain FX could create more efficient capital markets,” said Robert Mitchnick, global head of digital assets at BlackRock.
Circle emphasized that while it currently leads Arc’s development, the long-term goal is for the blockchain to be operated and governed by a decentralized network of participants.
AI firm Anthropic is also joining the initiative, with plans to integrate its Claude large language models into Arc to give developers AI-powered tools for building applications. Other financial heavyweights, including HSBC, State Street, Deutsche Bank, Standard Chartered, and Invesco, have also joined the testnet phase.
Stablecoins, which are digital tokens pegged to traditional currencies like the U.S. dollar, are increasingly being explored by banks as a faster, cheaper foundation for payments and settlements. They are also seen as a crucial component for transacting in tokenized assets, which is a growing trend in digital finance.
“We aim to play a broad role in shaping this new economic system,” said Circle CEO Jeremy Allaire.
