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A token was minted. A market was not opened. · 1 of 4

Chapter 01

Pay the fee in the unit the treasury already holds

Stablecoins become the operating money. A network token, if it is ever activated, is coordination capital.

For a bank, a treasury, a marketplace or a payments firm, holding a volatile asset just to pay fees is an operational tax. Fees in a dollar stablecoin are predictable, easier to account for, and possible to approve. That single choice does more for institutional use than a narrative about decentralisation.

ARC, on the terms published with the mint, is not that fee asset. Its possible future role is to align validators, governance and long-term incentives if the network ever leaves a known set of institutional operators. Possible is not scheduled. The announcement says so.