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Circle Internet Group has unveiled a new blockchain named Arc. The launch marks a strategic shift for the stablecoin developer as it seeks to broaden its operations beyond issuing the USDC stablecoin.
In a statement, Circle described Arc as a general-purpose economic operating system designed to support payments, tokenized financial markets, lending, trading, and commerce.
The company stated that Arc will help it become one of the largest blockchain providers for moving money and financial assets onchain.
The introduction of Arc comes as the global stablecoin market faces increasing competition from traditional banks and payment firms.
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