CoinDesk reported that Circle's own blockchain 'Arc', with global financial giants like BlackRock and Visa participating as validators, is suffering on its first day of operation, transforming into a meme coin speculation ground instead of an institutional payment network. Out of 7.83 million transactions on the first day, actual USDC transfers were only 620,000, and most meme coins like TOLLY and LONG plummeted by up to 80% from their launch peak. In particular, a Circle executive posted a promotional message for the CEO's dog meme coin, drawing criticism for 'token pumping' and damaging brand credibility.
