- Circle launches StableFX to enable institutional onchain FX trading using USDC and regional stablecoins.
- Eight global issuers join Circle Partner Stablecoins, linking local currencies to Arc liquidity.
- Arc testnet expands with major institutions as mainnet targets 2026 and non-USD stablecoins grow.
Nov. 13 (Crypto-News.Net) – Circle has launched StableFX, a foreign exchange engine for onchain currency trading built for institutional use, on its Arc blockchain public testnet. The company also introduced Circle Partner Stablecoins, a program connecting currency issuers from different regions to the FX platform.
The platform enables currency trading using USDC and partner stablecoins, according to Circle’s announcement. Trading occurs through request-for-quote mechanisms that source pricing from multiple providers. Settlement happens directly onchain.
The system runs continuously with configurable trading periods. Circle built the platform to solve problems in traditional currency markets, where traders must maintain funded accounts at multiple venues and wait for next-day settlement.
Partner Program Benefits
Circle Partner Stablecoins provides currency issuers with access to the company’s payment network. Participating issuers can connect their tokens to USDC liquidity pools. The program offers distribution support for partner currencies.
“With StableFX and Circle Partner Stablecoins, we’re connecting the world’s currencies on Arc,” Nikhil Chandhok, Circle’s chief product and technology officer, said.
Infrastructure and Timeline
The testnet for Arc launched in October with over 100 participants including BlackRock, Goldman Sachs, and Amazon Web Services. The blockchain runs on Ethereum-compatible architecture and uses USDC as its native gas token. Trades clear through decentralized finance protocols.
Eight currency issuers from different regions have joined as initial program partners. Avenia issues BRLA tokens representing Brazilian reais. Busan Digital Asset Custody Services operates KRW1 for Korean won. Coins.ph provides PHPC representing Philippine pesos.
Additional participants include Forte with AUDF for Australian dollars, Juno with MXNB for Mexican pesos, JYPC for Japanese yen, Stablecorp with QCAD for Canadian dollars, and ZAR Universal Network with ZARU for South African rand.
Non-dollar stablecoins are expected to grow from single-digit market share to 15-20% by 2030. Regulatory systems in Europe and Japan have created frameworks for these currencies.
The mainnet for Arc is scheduled for 2026. Circle holds a digital asset business license from Bermuda’s monetary authority.
