Circle co-founder and CEO Jeremy Allaire said on Aug. 27 that StableFX is set to go live on mainnet soon. The announcement was made in a post on X. Before this, StableFX had already been launched on the Arc public testnet.
StableFX is described as an institutional-grade foreign exchange engine built for stablecoins. It covers local currency stablecoins tied to both major and emerging markets. According to the information shared, the system supports near-instant, 24/7 on-demand settlement.
The product also uses a PvP, or payment-versus-payment, model. In practice, that means both sides settle at the same time or neither side settles, a structure aimed at reducing capital lock-up. Circle said the setup also allows access to multiple vetted counterparties through a single onboarding process. The update focuses on the upcoming mainnet rollout and follows the earlier testnet deployment on Arc.
Circle co-founder and CEO Jeremy Allaire said in a post on X on Aug. 27 that StableFX will launch on mainnet soon.
StableFX had previously gone live on the Arc public testnet. It is described as an institutional-grade stablecoin foreign exchange engine covering local currency stablecoins across major and emerging markets.
The product supports near-instant, 24/7 on-demand settlement. It also uses a PvP, or payment-versus-payment, mechanism, meaning both sides settle simultaneously or neither settles, which is designed to reduce capital usage. Through a single onboarding process, users can also connect to multiple vetted counterparties.
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