Circle has minted the full initial supply of 10 billion ARC tokens while insisting the mint is not a commitment to put the token in anyone’s hands.
The company confirmed the genesis mint alongside the public mainnet launch of Arc, its USDC-gas layer-1 network, on September 16, in the launch announcement. The full initial supply was minted in the United States, but Circle said the mint “is not a commitment to publicly launch ARC,” and the token is not available to the public in any jurisdiction. There is no date or commitment for a public offering.
ARC’s job on Arc is narrower than most layer-1 tokens. Circle describes it as the network’s coordination mechanism for security, utility and governance, while fees are paid in USDC, not ARC. Circle CEO Jeremy Allaire defended that design at a press briefing, comparing a requirement that companies hold a blockchain’s native token just to use the network with making Netflix buy Amazon shares to pay its AWS bill.
At the same briefing, Allaire called the launch “the most consequential major platform launch in our history, and I think an even more consequential launch than USDC itself.”
The mint also marks a first of its kind: Circle is reportedly the first publicly traded company to mint a network token for a new layer 1.
What ARC does next depends on consensus. Arc runs today on permissioned proof-of-authority validators, with Circle exploring a transition to proof of stake in 2027. That change is the path through which ARC is meant to take on its security and governance roles, and it is framed as an exploration, not a committed switch. A possible staking role for ARC holders in 2027 has not been spelled out.
Investors have already paid for a slice of the token economy. Circle raised $222 million in an ARC presale in May 2026 at a $3 billion network valuation, with backers including Apollo Funds, ARK Invest and BlackRock.
