According to CoinMeta, Circle announced that its Arc public network will officially go live on September 16th. Institutions participating in the validation include Blackstone, Visa, Mastercard, and DTCC, among others, with over 100 institutional builders having already joined. The Arc network is designed to support stablecoin payments, tokenized assets, foreign exchange, and continuous financial markets. Circle stated that the network will initially adopt a proof-of-authority model, with the potential to transition to proof-of-stake or delegated proof-of-stake in the future. By the end of the second quarter, USDC had reached a circulation of 73.3 billion US dollars, and the quarterly on-chain USDC transaction volume amounted to 14.8 trillion US dollars, representing a year-on-year increase of 151%.