Circle Internet Group, Inc. (NYSE: CRCL), the issuer of the USDC stablecoin, announced the launch of Arc, an open Layer-1 blockchain.

Circle unveils Arc, a stablecoin-focused Layer 1 blockchain using USDC as native gas, aiming to power enterprise-grade payments, FX, and capital markets with sub-second settlement.

Circle Internet Group shares surged Tuesday as its first financial report since its initial public offering came in better than expected on growing use of the USDC stablecoin.