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StableFX is an institutional-grade stablecoin FX engine built on Arc that combines Request-for-Quote (RFQ) execution with onchain settlement. This permissioned platform is designed for financial institutions including payment service providers, fintechs, crypto OTC desks, and prime brokers. StableFX supports USDC and EURC and will expand to a broad range of local stablecoin pairs.

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Key features

Aggregated Liquidity

Access competitive rates from multiple liquidity providers through a single API call

24/7 Settlement

Trade and settle around the clock with sub-second finality on Arc

Simplified Operations

Replace multiple bilateral agreements with one integration
StableFX reduces settlement risk through smart contract escrow that ensures both sides of a trade settle simultaneously or not at all. With API and SDK-based integration, you can implement programmatic quote requests and automated settlement directly into your institutional workflows.

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What you can build

As a vetted institution, you can integrate StableFX to power a range of financial services. Here are some common use cases:
Build payment systems with real-time currency conversion and settlement that enable instant international transfers without traditional correspondent banking delays. Your customers can send funds across borders with sub-second finality and transparent pricing.
Implement automated treasury operations for managing multi-currency stablecoin positions. Set up programmatic rebalancing rules and execute trades 24/7 to maintain optimal currency allocations across your organization.
Offer FX liquidity directly in your platform without building your own matching engine or sourcing liquidity. Your customers get seamless access to competitive rates and instant settlement while you maintain control over the user experience.
Eliminate T+2 settlement delays and counterparty risk by leveraging smart contract escrow. Build remittance services with guaranteed simultaneous settlement on both sides, reducing operational risk and capital requirements.

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How it works

StableFX operates on a Request-for-Quote (RFQ) model that combines offchain execution with onchain settlement:
1

Request a quote

Takers request quotes through the API, specifying the currency pair and amount. Multiple liquidity providers compete to offer the best rate.
2

Execute the trade

Accept a quote through the API. Execution happens offchain for speed and efficiency.
3

Settle onchain

Settlement occurs automatically through smart contract escrow on Arc, ensuring payment-versus-payment where both sides settle or neither does.
The StableFX API handles both offchain and onchain steps, so you don’t need to interact with smart contracts directly.

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Get started

Reach out to your Circle representative to get an API key for StableFX.
Try StableFX in the sandbox environment. Whether you’re looking to consume liquidity as a taker or provide liquidity as a maker, these quickstart guides will help you integrate:

Create an FX trade as a taker

Request and execute a USDC to EURC trade

Fulfill an FX trade as a maker

Fulfill existing trades and provide liquidity