Circle Launches StableFX on Arc for 24/7 Stablecoin-Based FX Settlement

Circle has introduced StableFX on its Arc network, enabling approved institutions to conduct 24/7 foreign exchange settlements using stablecoins. The platform utilizes a request-for-quote (RFQ) system with multiple liquidity providers and employs smart contracts to ensure atomic payment-versus-payment settlement, effectively mitigating principal risk. Circle provides the infrastructure for the service, which supports various stablecoin-denominated currencies including USDC and EURC, rather than acting as a custodial intermediary.