USDC issuer Circle raises funds through a token presale, valuing its new ARC protocol at $3 billion amid strong stablecoin growth.
Circle, the issuer of the USDC stablecoin, raised $222 million in a presale of its ARC token, valuing the project at $3 billion. The ARC token has a fixed supply of 10 billion, with allocations for ecosystem development, Circle’s operational needs, and long-term reserves.
The company reported a 28% year-over-year increase in USDC circulation to $77.0 billion at the end of Q1, while onchain transaction volume surged 263% to $21.5 trillion. Revenue and reserve income rose 20% to $694 million, though net income fell 15% to $55 million due to higher operating expenses, which climbed 76% to $242 million.
Circle’s shares (CRCL) rose about 3% in premarket trading to $116.7, extending recent gains.