Circle raised $222 million through its ARC token sale, aimed at developing the Arc network and enhancing its crypto infrastructure.
Circle has successfully launched its ARC token, raising $222 million during the presale from prominent investors like a16z crypto, BlackRock, and Apollo Funds. This funding values the network at $3 billion.
The capital will be allocated towards the development of the Arc network, which aims to enhance security and operational management within the ecosystem.
Additionally, Circle unveiled its Agent Stack, a toolkit designed for developers to create crypto wallets and marketplaces for AI agents. This solution operates via a command-line interface and leverages calculations in USDC.
In its first-quarter financial report, Circle noted significant growth metrics, including:
- A circulating supply of USDC reaching $77 billion;
- Total revenue of $694 million, reflecting a 20% increase;
- An adjusted EBITDA of $151 million.
However, the company reported a 15% decline in net profit to $55 million, attributed to rising operational expenses and increased employee compensation following its IPO.
CEO Jeremy Allaire emphasized the company's commitment to integrating AI platforms with financial systems, stating that the launch of ARC and the toolkit for autonomous agents is foundational for a new internet economy.
This quarter, Circle also highlighted the growth of its tokenized USYC fund, which has emerged as the largest in its category. The company has integrated USDC into the treasury systems of Kyriba and expanded its partnership with the Polymarket platform.
Digital Asset Plans $300 Million Fundraising
Meanwhile, Digital Asset, known for developing the Canton Network blockchain for financial institutions, is preparing to raise $300 million in a funding round led by a16z crypto, as reported by Bloomberg.
The deal is anticipated to close in the coming weeks, with the startup's current valuation reaching $2 billion. Previously, the company raised $135 million from DRW Venture Capital and Tradeweb Markets less than a year ago.
The Canton Network is designed to ensure transaction privacy for banks and government entities. Notably, Moody’s has started publishing credit ratings on this network, and the Japan Clearing Corporation is testing tokenized government bonds on the platform.
Digital Asset is also collaborating with the American DTCC to tokenize assets held in custody. A pilot project for trading digital copies of liquid assets is set for implementation in July, with a full service launch expected in October.
Additionally, on May 7, the prediction platform Kalshi concluded a Series F funding round at $1 billion, raising its valuation to $22 billion.
