Circle has launched the public testnet for its payments-focused blockchain, Arc. This announcement was made on Tuesday, revealing that over 100 institutions are now involved in the testing phase, with notable names such as Visa, HSBC, BlackRock, and the AI company Anthropic participating.

The testnet enables developers, financial institutions, and enterprises to create, test, and build applications on Arc, which Circle refers to as an “Economic OS” for the internet.

Unveiled as an open Layer 1 network in August, Arc is tailored to support developers and companies looking to engage real-world financial activities on the blockchain. Circle envisions this technology as a means to promote scalable and globally distributed economic activities across different borders. The goal is to connect local markets to a broader digital economy.

Stellar Participants

According to Circle’s press release, the initial ecosystem includes organizations from diverse regions: the Americas, Asia, Europe, Africa, and the Middle East. These participants collectively manage trillions in assets and facilitate billions of transactions daily.

Circle aims to establish Arc as a fundamental platform for stablecoin issuers and tokenized assets, including equities, credit, and money market funds. Furthermore, the company has intentions to utilize stablecoins as gas tokens on Arc and build a native infrastructure for stablecoin exchanges and foreign exchange liquidity.

Various stablecoin issuers have also joined the testnet, including Forte Securities (AUDF in Australia), Avenia (BRLA in Brazil), JPYC Inc. (JPYC in Japan), and others across different nations. Circle is currently in talks with additional issuers of fiat-based stablecoins to broaden Arc’s network.

The testnet is also gaining traction among developer platforms and blockchain infrastructure providers. Key participants include Alchemy, Chainlink, LayerZero, and thirdweb, in addition to cross-chain protocols like Across, Stargate, and Wormhole. Wallet partners like MetaMask, Fireblocks, Ledger, QuickNode, and Blockdaemon are facilitating access to Arc for both institutional and retail users.

Major players in decentralized finance are also testing Arc’s functionality. Protocols such as Uniswap Labs, Aave, Curve, and Euler Finance are working to integrate liquidity and lending mechanisms, while exchanges like Coinbase, Kraken, and Robinhood are exploring connectivity options. Market makers such as GSR, Wintermute, Galaxy Digital, and Cumberland are enhancing liquidity support.

Future Governance

While Circle manages the project’s initial phase, the long-term vision is for Arc to operate under a decentralized governance model involving a broad range of participants—financial institutions, technology companies, and developers. The implementation roadmap includes expanding validator participation and developing governance frameworks that are transparent and allow for community involvement.

The overarching aim is for Arc to serve as an open, neutral, and collaboratively governed layer of economic infrastructure on the internet.

The announcement comes on the heels of Circle’s public listing in June 2025, during which it raised $1.1 billion with a market valuation of $6.9 billion.