Circle bets on $3B Arc blockchain with $222M token presale
The USDC issuer becomes the first publicly traded company to run a token presale before launching a blockchain, pulling in heavyweight backers like Andreessen Horowitz and BlackRock.
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Add us on Google by Editorial Team May. 12, 2026Circle, the company behind the USDC stablecoin, just raised $222 million by selling tokens for a blockchain that doesn’t exist yet. The Arc token presale landed a fully diluted valuation of $3 billion, backed by a roster of investors that reads like a who’s who of traditional and crypto finance.
Andreessen Horowitz led the round with a $75 million commitment. BlackRock, Apollo Funds, Intercontinental Exchange, and Janus Henderson Investors also participated.
What Circle is actually building
Arc is Circle’s forthcoming blockchain, and ARC is the native token that will power it. The total supply is set at 10 billion tokens, with 25% allocated to Circle itself. The remaining 75% is split between ecosystem growth for users and developers at 60%, and reserves at 15%.
Circle trades on the New York Stock Exchange under the ticker CRCL, making this the first time a publicly listed firm has conducted a token presale ahead of a blockchain launch. The Arc blockchain itself is still pre-launch, and ARC tokens are not publicly traded. The presale closed in early May 2026.
Why Circle is making this move now
Circle has built USDC into one of the most widely circulated stablecoins in the market, with circulation exceeding $30 billion. The timing of this presale is notable. Circle missed earnings estimates for Q1 2026, which suggests the company is looking for new revenue streams and strategic positioning beyond stablecoin issuance alone.
The investor lineup tells its own story
The participation of BlackRock and ICE is worth examining closely. BlackRock has been steadily expanding its crypto footprint, from its spot Bitcoin ETF to tokenized money market funds. ICE owns the New York Stock Exchange. Andreessen Horowitz’s $75 million lead position is significant, as the firm has been one of crypto’s most aggressive institutional backers. Apollo Funds and Janus Henderson round out the group.
What this means for investors
A publicly traded company conducting a token presale introduces a regulatory hybrid that doesn’t fit neatly into existing frameworks. Circle is simultaneously subject to SEC oversight as a public company and operating in the comparatively looser world of token sales.
For the broader stablecoin market, Circle owning its own chain could shift competitive dynamics. Tether has long dominated by raw circulation volume, but Circle has differentiated on regulatory compliance and institutional trust.
Token initiatives from public companies face heightened scrutiny from both regulators and public market investors. If Arc fails to gain meaningful adoption, the presale becomes an expensive distraction from Circle’s core stablecoin business at a time when earnings are already under pressure.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
