Circle Raises $222 Million From 'Arc Token' Presale

(MENAFN- Yolo Wire) Circle Internet Group (NYSE: $CRCL) has raised $222 million U.S. from the presale of Arc, the native token of its new blockchain.

The Arc token is being presold as Circle looks to diversify beyond its core business of issuing USD Coin (CRYPTO: $USDC), its popular stablecoin.

Andreessen Horowitz served as the lead investor with a $75 million U.S. purchase of Arc.

Other prominent investors include BlackRock (NYSE: $BLK), Apollo (NYSE: $APO), and New York Stock Exchange parent company Intercontinental Exchange (NYSE: $ICE).

The presale investments give the Arc token a network valuation of $3 billion U.S.

Arc is a public blockchain designed for institutional finance. Circle Internet Group says that it's about more than stablecoins and payments, stressing that it can "run the actual economy."

As a 25% stakeholder in Arc's initial supply of 10 billion tokens, Circle can participate in operating validator infrastructure, generating new fee revenue and earning staking rewards.

The majority of the tokens (60%) will go to participants who use and contribute to the Arc network, says Circle.

Circle adds that the Arc token is being issued as the global economy becomes increasingly machine-operated, with artificial intelligence (A.I.) agents handling more of the work typically managed by humans.

The company also unveiled a set of services and tools designed to help developers build A.I. agents that can manage transactions, access online services and make payments using USDC.

Analysts say that if Arc is successful, it could allow Circle to own more of the infrastructure that its USDC stablecoin runs on.

Currently, USDC depends on networks such as Ethereum (CRYPTO: $ETH) and Solana (CRYPTO: $SOL) for settlement and distribution.

Stablecoins are cryptocurrencies pegged to another asset, typically the U.S. dollar.

CRCL stock has risen 36% this year to trade at $113.67 U.S. per share.

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