On November 13, 2025, Circle Technology Services, LLC, a global financial technology company and stablecoin market leader, announced the launch of Circle StableFX, an institutional-grade engine for onchain stablecoin foreign exchange (FX), built on Arc. Wilson Sonsini Goodrich & Rosati advised Circle on the launch, led by Fintech and Financial Services partner Jess Cheng.

StableFX is a new stablecoin-powered FX engine that enables institutions to access and settle select stablecoin currency pairs 24/7 with competitive rates, reduced counterparty risk, and onchain settlement. Representing the evolution of FX for a real-time global economy, StableFX’s all-to-all model eliminates the need for bilateral agreements with multiple counterparties, simplifying onboarding and accelerating access to deep, global liquidity. Currently live on Arc testnet, StableFX is available for experimentation ahead of Arc’s planned mainnet launch in 2026.

The Wilson Sonsini team that advised Circle included:

• Jess Cheng
• Isabel Annino
• Daniel Chen
• Jahna Hartwig
• Stephen Heifetz
• Andrew Kliewer
• Scott McKinney
• Regina McLeod
• Chris Olsen
• Shivang Patel
• Matthew Staples

For more information, please see Circle’s news release.