Overview

• Circle will use Malachite to support the launch of Arc1, a public Layer-1 focused on stablecoin finance expected later this year.
• Malachite is a modular, Byzantine Fault Tolerant engine built on Tendermint and designed for performance, correctness, and verifiability.
• Several Informal Systems engineers are joining Circle, while Malachite remains open source under the Apache 2.0 license with Informal continuing other work.
• Financial terms of the acquisition were not disclosed.
• Circle cites momentum following its NASDAQ debut, reporting USDC circulation up 90% year over year and revenue up 53% to $658 million, alongside a $482 million IPO-related net loss.