A public company issues a token
Plus: the US PPI shock, market dissonance, local festivities and more
“There are three kinds of lies: lies, damned lies, and statistics.” – Benjamin Disraeli ||
Hello everyone! I hope you’re all doing well.
Production note: it’s a public holiday tomorrow where I live, so this newsletter will skip publication. If you’re interested in why we celebrate San Isidro, I explain at the bottom of the newsletter, it’s a good story. 🌹
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IN THIS NEWSLETTER
A public company issues a token
Macro: the US PPI shock
Markets: dissonance
Term of the day: PPI
Why does Madrid celebrate San Isidro?
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WHAT I’M WATCHING:
A public company issues a token
Earlier this week, Circle announced a $222 million pre-sale for ARC, the token that will power the firm’s Arc layer-1 blockchain. Allocations went to a who’s-who of tradfi investors: a16z, BlackRock, Apollo Funds, Intercontinental Exchange, Haun Ventures, Standard Chartered Ventures, Japan’s SBI Group and others.
Note that this is a pre-sale in which investors commit funds ahead of token launch – as far as I know, a date has not yet been set for that but it is expected sometime this summer.
I’m not going to get into the ARC tokenomics today (here’s a link to the whitepaper if you’re interested) but in brief: once the Arc blockchain moves to Proof-of-Stake in 2028, the value accrual will mainly stem from validator and staker rewards plus token burns funded by transaction fees, similar to how Ethereum works today.
Meanwhile, the pre-sale puts the total fully diluted valuation of the token’s 10 billion initial supply at $3 billion, or roughly 10% of the parent’s roughly $31 billion market valuation.
Here’s where it gets even more interesting.
