Circle launched Arc mainnet on Sept. 16 as a Layer 1 blockchain using USDC for fees, with early meme-token activity generating $155.78M in 24-hour trading volume.
Tech & Launches ·
Circle's Arc blockchain processed 7.83 million transactions on its first day following launch, yet only about 624,000 USDC transfers occurred across the chain's entire existence, signaling minimal adoption of its core payments use case. Memecoin speculation dominated instead, with tokens like TOLLY, LONG, and COOL falling 56% to 77% from launch highs as day-one decentralized exchange volume reached roughly $82 million. A company executive's promotion of a memecoin via AI-generated image drew approximately 1 million views and sparked accusations that Circle was artificially stimulating token activity to populate its network.