Two new offerings from Circle build on Arc’s robust foundation: Circle StableFX and Circle Partner Stablecoins. StableFX is an institutional-grade stablecoin FX engine now on public testnet. Circle Partner Stablecoins is a program designed to support select regional stablecoin issuers worldwide.
The foreign exchange (FX) market is the world’s largest financial market, yet much of it still runs on outdated infrastructure, including fragmented venues, prefunded accounts, and T+1 settlement cycles.
At Circle, we believe the future of money demands infrastructure that’s global, interoperable, and programmable. Earlier this year, we announced Arc1 — an open Layer-1 blockchain purpose-built to unite onchain innovation with real-world economic activity. Today, we’re excited to announce two new offerings that build on Arc’s robust foundation:
- Circle StableFX2, an institutional-grade engine for onchain FX
- Circle Partner Stablecoins, a program that supports select regional stablecoins, expanding the range of currencies available in StableFX
Together, these initiatives form a unified stack to drive FX utility: Arc provides the programmable settlement infrastructure that finalizes transactions securely in real time, Circle Partner Stablecoins onboards the select regional stablecoins, and StableFX delivers the technology that connects counterparties and liquidity providers.
It’s a powerful combination. “With StableFX and Circle Partner Stablecoins, we’re connecting the world’s currencies on Arc,” said Circle Chief Product and Technology Officer Nikhil Chandhok.
Circle StableFX
StableFX is a new stablecoin-powered FX engine. It enables institutions to access and settle select stablecoin currency pairs 24/7 with competitive rates, reduced counterparty risk, and onchain settlement. It’s available for approved institutions that have completed comprehensive Know-Your-Business (KYB) and Anti-Money Laundering (AML) verification — creating a compliance-centric trading environment.
Key features of StableFX include:
- Access to competitive pricing with low slippage via RFQ execution across multiple liquidity providers
- Onchain settlement where both payment and delivery of funds occur, or neither does — dramatically reducing settlement risk
- 24/7, capital-efficient design with programmable settlement windows and netting models
StableFX’s all-to-all model eliminates the need for bilateral agreements with multiple counterparties, simplifying onboarding and accelerating access to deep, global liquidity. Currently live on Arc testnet, StableFX is available for experimentation ahead of Arc’s planned mainnet launch in 2026.
Get in touch to test-drive StableFX or join us as a design partner.
Circle Partner Stablecoins
Circle Partner Stablecoins is a new initiative to support select non-USD stablecoins deploying on Arc. Members must meet eligibility standards related to technical and operational capabilities, reserve management, and risk management. By participating, they gain:
- Integration in real-world payments, remittance, and FX flows through Circle Payments Network3 (CPN) and StableFX, increasing utility and impact in every financial activity
- Opportunities to engage with Circle’s global network of liquidity providers and seamless interoperability with USDC, supporting enhanced liquidity
- Enhanced brand visibility and increased engagement in the digital assets ecosystem
The first anticipated Circle Partner Stablecoins participants include Avenia (BRLA), Busan Digital Asset Custody Services (KRW1), Coins.ph (PHPC), Forte (AUDF), Juno (MXNB), JYPC (JYPC), Stablecorp (QCAD), and the ZAR Universal Network (ZARU), with initial collaborations underway. Together with StableFX and Arc, these stablecoins enable onchain FX trading and real-time settlement across supported currencies.
Learn more about Circle Partner Stablecoins, and apply to join today.
A world running on stablecoin rails
StableFX and Circle Partner Stablecoins represent the evolution of FX for a real-time, global economy. Together with Arc, they transform FX into the connective tissue of a borderless financial system — where liquidity flows freely, settlement happens instantly, and currencies can interoperate on stablecoin rails.
Whether you’re a fintech, bank, payment company, trading and markets firm, enterprise, or stablecoin issuer, Circle invites you to build with us. Come help shape the next era of global money movement.
Join Us
Discover Circle StableFX: read the litepaper or get in touch to test-drive it.
Explore Circle Partner Stablecoins: learn more, and apply to join today.
1 Arc testnet is offered by Circle Technology Services, LLC (“CTS”). CTS is a software provider and does not provide regulated financial or advisory services. You are solely responsible for services you provide to users, including obtaining any necessary licenses or approvals and otherwise complying with applicable laws.
Arc has not been reviewed or approved by the New York State Department of Financial Services.
The product features described in these materials are for informational purposes only. All product features may be modified, delayed, or cancelled without prior notice, at any time and at the sole discretion of Circle Technology Services, LLC. Nothing herein constitutes a commitment, warranty, guarantee or investment advice.
2StableFX is offered by Circle Technology Services, LLC (“CTS”). CTS is a software provider and does not provide regulated financial or advisory services. You are solely responsible for services you provide to users, including obtaining any necessary licenses or approvals and otherwise complying with applicable laws. StableFX is a collection of API and on-chain smart contracts that enable data sharing between counterparties to a transaction without intermediation by CTS. CTS’s role is limited to broadcasting information between the relevant parties and to the on-chain smart contract that enables settlement directly between the relevant parties. CTS does not accept or transmit digital assets on behalf of StableFX users. The product features described in these materials are for informational purposes only. All product features may be modified, delayed, or cancelled without prior notice, at any time and at the sole discretion of Circle Technology Services, LLC. Nothing herein constitutes a commitment, warranty, guarantee or investment advice.
3 Circle Technology Services, LLC (CTS) is the operator of Circle Payments Network (CPN) and offers products and services to financial institutions that participate in CPN to facilitate their CPN access and integration. CPN connects participating financial institutions around the world, with CTS serving as the technology service provider to participating financial institutions. While CTS does not hold funds or manage accounts on behalf of customers, we enable the global ecosystem of participating financial institutions to connect directly with each other, communicate securely, and settle directly with each other. CTS is not a party to transactions between participating financial institutions facilitated by CPN who use CPN to execute transactions at their own risk. Use of CPN is subject to the CPN Rules and the CPN Participation Agreement between CTS and a participating financial institution.
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