Circle to Debut Layer 1 "Arc" with Fireblocks Integration

Circle announced it will debut Arc, a new stablecoin-focused Layer 1 blockchain, with early institutional access through Fireblocks integration, which provides custody, compliance, and settlement rails. That will ensure more than 2,400 banks, asset managers, and fintech clients can transact on Arc from day one.

Arc is conceived as a purpose-built L1 optimized for stablecoin finance, featuring predictable USDC gas fees and sub-second deterministic settlement. The blockchain also integrates a built-in FX engine for cross-stablecoin trading and opt-in privacy features to satisfy compliance obligations.

Circle confirmed Arc will support its entire payments ecosystem, including stablecoins USDC, EURC, USYC, and the Circle Payments Network. Developers will benefit from EVM compatibility, open composability, and direct interoperability with existing multichain infrastructure, widening adoption across financial markets.

Arc enters private testing in coming weeks, with public testnet expected this fall and a full launch slated by year-end. Fireblocks will deliver custody, compliance, and settlement infrastructure so institutional clients can instantly engage in stablecoin-native finance upon launch.

BitMine Becomes Second-Largest Ethereum Treasury

BitMine Immersion Technologies added 373,000 ETH worth $1.7 billion last week, lifting its total holdings to 1.52 million ETH valued at $6.6 billion. The firm now controls more than 1% of Ethereum’s circulating supply, ranking second among all corporate crypto treasuries. Chairman Tom Lee said the purchases are part of a push to capture “the alchemy of 5%” of all ETH.

BitMine recently expanded a $20 billion stock offering to buy more Ethereum, citing stablecoin growth and the GENIUS Act as drivers of long-term demand. Lee compared the shift to the US breaking from the gold standard in 1971, calling Ethereum a modern equivalent. Treasury firms and ETFs together now hold over 8% of supply, with BitMine shares up 31% this month despite short-term price dips.

BTCS Offers Ethereum Dividend and Loyalty Reward

BTCS, another Ethereum Digital Asset Treasury (DAT) company, said it will issue a $0.05 per-share dividend payable in ether or cash, in what the Nasdaq-listed firm calls the “Bividend.” Shareholders must opt in by September 26 to participate, with payouts distributed shortly after the record date. The move follows the company’s pivot to an Ethereum-focused strategy begun in 2021.

The firm also announced a $0.35 per-share reward for investors who transfer stock into book entry with its transfer agent and hold it there through January 2026. CEO Charles Allen said the loyalty bonus is designed to block short sellers and strengthen the shareholder base. BTCS stock gained 7% on the news, while peer treasury firms BitMine and SharpLink declined.

SEC Delays Truth Social Bitcoin and Ether Hybrid ETF

The Securities and Exchange Commission (SEC) postponed decisions on Truth Social’s proposed Bitcoin and Ethereum ETF, marking October 8 as the new deadline. The fund is sponsored by Trump Media & Technology Group, raising questions about the president’s direct ties to crypto. The agency also delayed rulings on multiple Ripple XRP and Litecoin ETF filings the same day.

Critics argue Trump’s involvement poses conflicts of interest, citing his family’s ventures in memecoins and stablecoins. Watchdogs like Accountable.US urged rejection, warning approval could undermine trust in the SEC. While delays are common, the commission’s stance on crypto ETFs has shifted under Trump’s administration, with rules eased for spot products and in-kind creations.

Data of the Day

PumpFun recaptured 90% of Solana’s memecoin launchpad market this week, rebounding from a low of 5% two weeks ago. Rival platform LetsBonk, which had surged past 80% share in July, saw usage collapse to just 3% as top deployers switched back to PumpFun. Analysts say bots and aggressive token buybacks fueled the reversal.

PumpFun recently launched multimillion-dollar buybacks of its PUMP token after raising $600 million in a public sale, helping it pull traders away from LetsBonk. The Solana memecoin market overall has cooled, with daily revenues falling from January peaks of $6 million. LetsBonk is now planning a points-based incentive program in an effort to regain activity.

More Breaking News

• The US Treasury invited public comment on combating illicit crypto activity under the GENIUS Act, seeking feedback on AI, APIs, digital identity, and blockchain tools.
• Michael Saylor’s Strategy added 430 BTC worth $51.4 million, bringing its holdings to 629,376 coins, while updating guidance to allow equity issuance below 2.5x mNAV.
• Ethena’s USDe footprint on Aave swelled to $6.6 billion through Pendle looping trades, prompting Chaos Labs to warn about reflexive leverage and redemption liquidity risks.
• A China Merchants Bank subsidiary launched a Hong Kong crypto exchange for professional investors after securing a virtual asset service provider license from regulators in July.
• Bybit introduced spot margin trading with up to 10x leverage for European clients under MiCA, enabling users to borrow against crypto holdings with safeguards.
• A solo Bitcoin miner using Solo CK Pool earned $371,000 for block 910,440, defying network odds increasingly dominated by industrial-scale mining operations worldwide.
• Solana briefly hit a record 107,540 transactions per second during stress tests of noop program calls, though real throughput remains closer to 1,000 TPS.

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