Wu Shuo learned that the financial infrastructure Arc Network, a subsidiary of stablecoin issuer Circle, has published the ARC token white paper. The white paper states that ARC will be positioned as the network’s “native coordinating asset,” mainly used for economic governance, fee mechanisms, and supporting the network’s future transition from Proof of Authority (PoA) to Proof of Stake (PoS) via its staking functions. The official hereby declares that the ARC token has not yet been formally issued, and that the token is only used for internal network operations; it absolutely does not represent any equity interest or profit distribution of Circle, and it has no investment or securities attributes.