Circle Launches StableFX to Pilot On‑Chain FX for Institutions on Arc Testnet

The pilot targets real‑time, RFQ‑based settlement for institutions to reduce counterparty risk and replace prefunded, next‑day FX workflows.

Overview

StableFX is live on Circle’s Arc public testnet for approved institutions, enabling 24/7 trading of stablecoin currency pairs with simultaneous on‑chain payment and delivery.
The engine uses a request‑for‑quote model that connects buyers to multiple liquidity providers for competitive pricing with low slippage under KYC/AML controls.
Circle introduced the Partner Stablecoins program to bring non‑USD regional stablecoins onto Arc and into StableFX and the Circle Payments Network.
Initial participants include Avenia (BRL), Forte (AUD), JPYC (JPY), Juno (MXN), Busan Digital Asset Custody Services (KRW), Stablecorp (CAD), Luno (ZAR) and Coins.ph (PHP).
Arc’s testnet has more than 100 institutional and technology participants, uses USDC for fees with sub‑second finality and opt‑in privacy, and is tracking toward a planned 2026 mainnet launch.