Circle is seeking to improve FX market infrastructure by offering institutions deeper global liquidity access with fewer intermediaries and reduced counterparty risk.
Circle is expanding into the foreign-exchange market, positioning stablecoins as a tool to modernize one of traditional finance’s most entrenched systems.
The issuer of USDC (USDC) on Thursday unveiled Circle StableFX, an institutional onchain FX platform built on Arc1, the company’s forthcoming layer-1 blockchain, according to a news release shared with Cointelegraph. Circle also introduced Circle Partner Stablecoins, a program designed to support regulated regional stablecoins.
Trading in the global FX market reached $9.6 trillion per day in April, up 28% from 2022, according to data from the Bank of International Settlements (BIS). The daily trading volume in the global FX market is more than double all global stock markets combined, and far exceeds the roughly $1.69 trillion in average daily US equities trading, running 24 hours a day, five days a week, across every major financial center, according to World Bank data shared by Trading Economics.
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