Circle's Arc L1 Chain Faces Turmoil as Institutional Stablecoin Network Turns to Meme Coin Speculation

BlackRock and Visa-backed Circle's Arc L1 blockchain is reportedly struggling on its debut day as it transformed into a meme coin speculation hub instead of an institutional payment network, according to CoinDesk. Out of 7.83 million transactions on the first day, only 620,000 involved actual USDC transfers, while most meme coins like TOLLY and LONG saw drops of up to 80% from their launch peaks. Circle executives also faced criticism after a CEO's post promoting a meme coin featuring his dog was labeled as 'token pumping,' damaging brand trust.