Circle has raised $222 million through a token sale for its upcoming Arc blockchain, the company said this week. The sale values the stablecoin issuer at $3 billion. Backers include BlackRock, Apollo, and Bullish — a lineup that signals institutional appetite for infrastructure tied to regulated digital dollars.
Who wrote the checks
BlackRock and Apollo, two of the world's largest asset managers, joined the round alongside Bullish, the crypto exchange operator. Their participation ties Circle's new blockchain to some of the biggest names in traditional finance. Circle didn't break out individual allocations, but the trio's involvement alone gives Arc a stamp of credibility that most token sales don't get.
What Arc is building
Arc is a layer-1 blockchain designed to natively support Circle's USDC stablecoin. The token sale represents the first major public fundraising for the network. Circle has been teasing Arc for months; the $222 million haul suggests demand is real. A blockchain built around a regulated stablecoin could appeal to institutions wary of permissionless chains.
Circle's valuation play
The $3 billion valuation is a step down from Circle's previous private-market pricing. The company was valued at about $9 billion during its aborted SPAC merger in 2022. But the crypto market has changed since then — and so have valuations. Raising $222 million at $3 billion shows that even a lower price tag can still attract serious capital when the product fits a clear need.
The sale closed this week. Circle hasn't announced a mainnet launch date for Arc yet.
