Increased centralization around stablecoin issuers and other fintech companies has defined much of the crypto market in recent years. And Circle has now  furthered this trend by  securing a $222 million raise for its blockchain infrastructure project,  Arc . The funding came through a presale of the ARC token at a $3 billion fully diluted valuation. Circle already issues the second-largest stablecoin by market cap, USDC, but now seeks to consolidate more of the underlying technology around its dollar-pegged token. The goal is to cut costs, lower transaction fees, boost revenue streams, and enhance functionality for users, all while cutting other crypto networks, namely Ethereum, out of the equation. Circle’s recent token offering drew participation from a wide group of institutional backers. a16z crypto led with a $75 million commitment, followed by BlackRock, Apollo Funds, Intercontinental Exchange, SBI Group, Standard Chartered Ventures, ARK Invest, and others.…