Circle Launches 24/7 Stablecoin FX Settlement Service on Arc
StableFX uses request-for-quote pricing and smart contracts to settle eligible stablecoin foreign-exchange trades for approved institutions and enterprises.
Circle launched StableFX on Arc on Tuesday, Sept. 22, giving approved institutions around-the-clock settlement for eligible stablecoin foreign-exchange trades and extending the platform from testnet to the network’s live environment.
StableFX uses request-for-quote pricing from multiple liquidity providers. After counterparties accept a quote, both fund a smart contract, which settles the transaction automatically after each side meets its obligations.
The payment-versus-payment structure is designed to complete both legs together or settle neither, reducing principal risk in foreign-exchange transactions. Users can choose near-instant settlement or programmable windows that support deferred settlement and netting.
StableFX supports USD Coin (USDC), Euro Coin (EURC) and selected local-currency stablecoins. Circle Technology Services provides the application programming interfaces and smart contracts but does not accept or transmit digital assets for users. Participating firms remain responsible for licensing and compliance.
The foreign-exchange market averaged $9.6 trillion in daily over-the-counter turnover in April 2025. About 36% of measured gross FX obligations settled through payment-versus-payment systems that month.
Traditional foreign-exchange settlement remains linked in part to banking and payment-system operating hours across global time zones. StableFX is designed to keep settlement available 24 hours a day, 365 days a year, including weekends and holidays.
The platform separates trade execution from settlement. Liquidity providers return prices through the request-for-quote process, while the accepted trade and its settlement are recorded on Arc. The structure could reduce the need for advance funding and direct settlement arrangements between counterparties.
Circle initially made StableFX available through Arc’s public test network in November 2025. The launch follows Circle’s earlier introduction of StableFX for institutional foreign-exchange trading.
“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.
