# Circle Launches StableFX as Global OTC FX Turnover Hits $9.6 Trillion

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/23459
Published: 2026-09-23T23:51:48.000Z
Updated: 2026-09-23T23:51:48.000Z

Circle has launched StableFX, an institutional foreign-exchange platform for stablecoin trading that combines quote-based execution with 24/7 settlement on its Arc blockchain.

The platform is available to incorporated businesses that pass Circle’s compliance screening. Payment companies, financial institutions and corporate treasury users can request prices from multiple liquidity providers, choose a quote and fund their obligations before smart contracts settle both sides of the transaction.

Settlement can occur near instantly or during a deferred window agreed by the counterparties. The payment-versus-payment structure releases both sides together, or neither side settles.

StableFX runs on Arc, which became a public Layer 1 mainnet on Sept. 16. “With StableFX and Circle Partner Stablecoins, we’re connecting the world’s currencies on Arc,” said Nikhil Chandhok, Circle’s chief product and technology officer.

The platform’s product page lists stablecoins linked to the U.S. dollar, euro, Australian dollar, Brazilian real, Swiss franc, British pound, South Korean won, Mexican peso, Swedish krona, Canadian dollar and South African rand. Availability may vary by customer and currency pair.

USDC and EURC liquidity can be accessed through Circle Mint in supported jurisdictions. Users seeking fiat onramps or offramps for local-currency stablecoins must contract directly with those issuers and provide their own custody for the assets.

StableFX enters a foreign-exchange market that averaged $9.6 trillion in daily over-the-counter turnover in April 2025, up from $7.5 trillion in April 2022. The broader figure includes spot trades, forwards, swaps and other over-the-counter instruments and does not represent StableFX’s addressable market or usage.

The U.S. dollar was on one side of 89% of foreign-exchange trades in April 2025. Circle co-founder, chairman and CEO Jeremy Allaire called Arc “the single most significant launch in Circle's history since USDC itself.”