1/ Just read the new StableFX litepaper from @circle. It tackles a huge bottleneck: FX settlement.
Traditional FX is slow (T+1/T+2) & has settlement risk. StableFX offers an institutional, onchain, 24/7 solution. 🧵
Announcing Circle StableFX and Circle Partner Stablecoins
FX is the world’s largest market, yet one of its least modernized.
Circle StableFX is an institutional-grade stablecoin FX engine that combines RFQ execution with onchain settlement.
→ Competitive RFQ pricing across liquidity providers
→ Instant, onchain settlement
→ 24/7 capital-efficient design
StableFX is currently live on @Arc Testnet. Request access to get started:
Building on that, we’re introducing Circle Partner Stablecoins, a program that supports select regional issuers, expanding the range of stablecoin currencies available in StableFX.
Initial participants include:
🇦🇺 AUDF by @ForteAUD
🇧🇷 BRLA by @aveniaio
🇯🇵 JPYC by @jpy_coin
🇰🇷 KRW1 by @BDACSKorea
🇲🇽 MXNB by Juno (a @Bitso company)
🇵🇭 PHPC by @coinsph
🇨🇦 QCAD by @stablecorp
🇿🇦 ZARU by the @ZARUniversal
Together, StableFX, Circle Partner Stablecoins and Arc are designed to deliver seamless execution, a wide range of assets, and instant settlement, accelerating the shift to a globally connected financial system running on stablecoin rails.
Learn more:
Read the litepaper:
2/ The $9.6T+ daily FX market still relies on correspondent banking, creating massive principal risk. Existing PvP systems like CLS are limited, covering only 18 currencies and leaving ~$2.2T in daily flows exposed. StableFX aims to fix this.
3/ Enter StableFX: an institutional-grade stablecoin FX engine on the Arc blockchain. It combines the best of both worlds:
1. Off-chain Execution: For speed & privacy.
2. On-chain Settlement: For trust, finality, and 24/7 operation.
4/ Here’s the flow:
1. Execution (Off-chain): An institution (Taker) submits an RFQ. Vetted Market Makers (Makers) return quotes. The Taker accepts. This RFQ model avoids slippage and fragmentation seen in AMMs/CLOBs.
5/
2. Settlement (On-chain): This is the game-changer. StableFX uses a "Payment-versus-Payment" (PvP) escrow smart contract. It’s an atomic swap: funds move only if both sides deliver. This is designed to mitigate settlement risk.
6/ Key benefits for institutions:
- 24/7/365 Access: No more "business hours" or T+1/T+2 settlement windows.
- Capital Efficiency: Move from pre-funding to "just-in-time" liquidity.
- Reduced Risk: Onchain PvP mitigates bilateral settlement risk.
7/ The ecosystem isn't just for USDC/EURC. It expands via the "Circle Partner Stablecoins" program. This onboards vetted regional issuers who meet strict criteria (reserve quality, compliance, security) to anchor new FX corridors.
8/ The paper highlights real-economy use cases:
- Corporate Treasury: Sweep EURC to USDC on a Saturday, no waiting for Monday.
- B2B/B2C Payments: Embedded, 24/7 FX for global payroll or supplier settlements.
- On/Off-Ramps: Seamless EURC→USDC conversion in-app.
9/ The future vision is key for RWA & tokenization. The roadmap includes:
- Leveraging Arc’s future privacy features.
- Expanding to tokenized assets (RWAs) like T-bills (USYC) and deposit tokens.
- Moving beyond RFQ to algorithmic execution.
10/ Overall, @circle's StableFX is a serious proposal for a universal, programmable value-exchange layer. It turns FX into a software utility—always on, auditable, and composable. This is key infrastructure for institutional onchain finance.
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