Circle has launched StableFX on its Arc blockchain, enabling approved institutions to conduct stablecoin-based foreign exchange operations around the clock, bypassing traditional banking hours. The system uses quotes from multiple liquidity providers and smart-contract settlement that ensures both sides of a transaction complete simultaneously, eliminating principal risk. Circle provides the software and settlement infrastructure without taking custody of customer funds. The service supports stablecoins pegged to several currencies including the US dollar, euro, Australian dollar, Brazilian real, Japanese yen, Canadian dollar and South African rand.
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