Circle's Arc blockchain processed 7.83 million transactions on its first day, but only 620,000 were actual USDC transfers. The activity made the network resemble a memecoin trading venue more than an institutional payments network, CoinDesk reported. Tokens including TOLLY and LONG fell as much as 80% from their launch highs, while promotional content from a Circle executive about a memecoin tied to the CEO's pet dog drew criticism over alleged token pumping.