According to CoinMeta, Circle released its third-quarter financial report. USDC accounted for 79% of the total trading volume of stablecoins, with on-chain trading volume reaching 13.9 trillion US dollars, a year-on-year increase of 49%. During that quarter, USDC minted and redeemed approximately 208 billion US dollars, setting a new historical high with a reserve return rate of 3.54%. The payment network CPN had a quarterly annualized payment volume of 41 billion US dollars, which has now exceeded 58 billion US dollars, with 205 financial institutions connected to it. The mainnet of ARC was launched on September 16th, and it has 11 founding validators as well as over 100 applications.