Fund Overview - Circle Ventures launches the Arc Builders Fund to support early-stage teams building real-world financial apps and services on Arc [1] - The fund aims to accelerate innovation by backing projects that benefit from Arc's design [1] - Arc's mission is to power the new internet economy with open, composable, enterprise-grade infrastructure [1] Focus Areas - Onchain markets with low-latency architecture are a key area of focus [3] - RWA (Real World Assets) and private credit markets built on private, composable rails are targeted [3] - Onchain FX flows with Circle StableFX and Circle Payments Network are of interest [3] - Agentic commerce for autonomous systems and machine economies is a focus [3] - Energy and compute protocols powered by deterministic settlement are included [3] Important Notice - The Arc Builders Fund is a Circle Ventures corporate initiative, not a fund or vehicle being formed [2] - Circle Ventures is not an investment adviser or broker-dealer [2] - Investor Network members make independent decisions [2]

Market Overview - FX (Foreign Exchange) is identified as the world's largest market [1] - The FX market is characterized as one of the least modernized markets [1] Product/Service Offering - Circle StableFX is introduced as an institutional-grade stablecoin FX engine [1] - Circle StableFX combines RFQ (Request for Quote) execution with onchain settlement [1] - Circle StableFX is currently available on @Arc Testnet [1]

Product Launch - Circle launches StableFX, an institutional-grade stablecoin FX engine combining RFQ execution with onchain settlement [1] - Circle introduces Circle Partner Stablecoins, a program supporting select regional issuers to expand stablecoin currencies available in StableFX [2] StableFX Features - StableFX aims to deliver seamless execution, a wide range of assets, and instant settlement [2] - StableFX is designed for competitive RFQ pricing across liquidity providers, instant onchain settlement, and 24/7 capital-efficient design [3] Partner Stablecoins - Initial participants in Circle Partner Stablecoins include AUDF, BRLA, JPYC, KRW1, MXNB, PHPC, QCAD, and ZARU [4] Technology and Access - StableFX is currently live on @Arc Testnet [2]

New Product Launch - Circle 发布 StableFX，一个机构级别的稳定币外汇引擎，结合了询价执行（RFQ execution）与链上结算 [1] - Circle 推出 Circle Partner Stablecoins 计划，支持特定的区域发行方，扩大 StableFX 中可用的稳定币种类 [2] Technology and Design - StableFX 目前在 @Arc Testnet 上线 [2] - StableFX、Circle Partner Stablecoins 和 Arc 旨在提供无缝执行、广泛的资产范围和即时结算 [2] - StableFX 提供有竞争力的询价（RFQ）定价，覆盖多个流动性提供商 [3] - StableFX 支持即时链上结算 [3] - StableFX 采用 24/7 全天候资本高效设计 [3] Partner Stablecoins - 初始参与者包括 AUDF by @ForteAUD, BRLA by @aveniaio, JPYC by @jpy_coin, KRW1 by @BDACSKorea, MXNB by Juno (a @Bitso company), PHPC by @coinsph, QCAD by @stablecorp, ZARU by the @ZARUniversal [4] Market Focus - 外汇市场是世界上最大的市场，但也是现代化程度最低的市场之一 [1] - 旨在加速向全球互联金融系统（运行在稳定币轨道上）的转变 [2]

Core Insights - Circle has launched Circle StableFX, an institutional-grade foreign exchange engine for 24/7 stablecoin currency pair trading with on-chain settlement on its Arc blockchain network [1] - The company also introduced Circle Partner Stablecoins to support regional stablecoin deployments, aiming to create a unified infrastructure for global FX activity [1] Group 1: Product Offerings - Circle StableFX is designed to address inefficiencies in the foreign exchange market, which currently operates on fragmented venues and T+1 settlement cycles [2][3] - The platform utilizes a request-for-quote execution model that connects institutions with multiple liquidity providers, offering competitive pricing and low slippage [6] - On-chain settlement in StableFX allows simultaneous payment and delivery, reducing counterparty risk [6] Group 2: Market Performance - Circle reported strong third-quarter performance with $740 million in revenue and reserve income, exceeding analyst forecasts by 66% year over year [4] - The market capitalization of USDC has increased from $61 billion at Circle's June IPO to over $76 billion, although it still lags behind Tether's USDT, which is at $184 billion [5] Group 3: Testnet and Future Plans - The Arc Layer-1 blockchain's public testnet went live with over 100 participants, including major financial institutions like BlackRock and Visa [2] - StableFX is currently available for approved institutions that have completed necessary verifications, ahead of Arc's planned mainnet launch in 2026 [7]