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A payment network that settles in less than half a second, and runs every transfer on USDC, a stablecoin pegged to the U.S.
dollar rather than a volatile cryptocurrency, has signed up six major financial institutions before it has processed a single trade.
The network is Arc, a blockchain built by Circle (NYSE: CRCL) from scratch for dollar-denominated settlements and cross-border payments.
BlackRock, Visa, Mastercard, Standard Chartered, MoneyGram, and Intercontinental Exchange, the parent company of the New York Stock Exchange, are committed to the platform ahead of its September launch.
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