Circle Unveils StableFX for 24/7 On-Chain Currency Trading
Circle has launched StableFX on Arc's mainnet for around-the-clock currency trading. The platform enables institutional players to swap between more than 20 fully reserved stablecoins with atomic payment-versus-payment settlement, which means both sides of a trade settle simultaneously or not at all.
The global FX market moves approximately $10 trillion daily, but most of that volume still runs through infrastructure that closes on weekends and takes one to two days to settle. StableFX pairs off-chain request-for-quote pricing with on-chain settlement on Arc, eliminating the need for intermediary banks and reducing counterparty relationships.
Payment providers and fintech firms are reportedly among the early adopters of StableFX, which is built on top of the Arc Layer 1 blockchain that launched its mainnet less than a week ago. The platform supports currency pairs across more than 20 fully reserved stablecoins and uses USDC for transaction fees.