Circle Internet Group (CRCL): Key takeaways from Arc blockchain Mainnet launch event

On 9/16, we attended CRCL's launch event of the public Mainnet of Arc, the company's Layer 1 blockchain that it views as purpose-built for both financial markets, as well as agentic economic activity. We believe that if the blockchain develops as planned, it could provide notable revenue diversification to CRCL's top-line, potentially dampening cyclicality of USDC net reserve revenue that drives the vast majority of top-line currently. CRCL positioned Arc as a comprehensive financial operating system, with capabilities spanning stablecoin-native payments, tokenized real world assets and agentic commerce, highlighting stablecoin-denominated gas fees, instant transaction finality, programmable privacy infrastructure, a seamless developer experience centered on Arc Studio and App Kits, robust native agentic support, and interoperability across platform, assets, and blockchains. The company also highlighted broad-based day-one institutional and ecosystem support, including a founding valid