Outright

USDC/EURC forward contracts on Arc. Lock an exchange rate today, settle on the date you choose.

An importer owes a Berlin supplier €10,000 in 30 days. Today's rate is 1.1700. With Outright they post an offer to buy 10,000 EURC for 11,700 USDC at day 30; an exporter holding EURC accepts. In 30 days each side claims what they bought at the rate agreed today — wherever EUR/USD has moved.

In FX, an outright forward is exactly this: one agreement to exchange two currencies at a fixed rate on a future date.

Why Arc

• USDC and EURC are both native Circle stablecoins on one chain, so a forward is a single-chain, two-token escrow. No bridges, no wrapped assets.
• Gas is paid in USDC, so neither side needs a volatile token to hedge a currency.
• Deterministic finality: a settlement is final when it's claimed.

How it works

Fully collateralized and physically settled. Both parties lock their leg in the contract, so settlement can't fail: no oracle, no margin calls, no default.

Step	Who	Effect
Post offer	maker	locks their leg (USDC if buying EURC, EURC if selling)
Accept	anyone, or a named counterparty	locks the other leg
Cancel	maker any time before acceptance; anyone after the offer window	refunds the maker
Unwind	both parties, before maturity	mutual early exit; each gets their own deposit back
Claim	each party, at maturity	buyer pulls EURC, seller pulls USDC

Repo

contracts/   Foundry — Outright.sol, tests (17 incl. fuzz), deploy + local demo scripts
web/         Next.js + wagmi/viem dealing-desk frontend
scripts/     local.sh — anvil + seeded demo state for frontend work

Quickstart

# contracts
cd contracts && forge test

# frontend against a local chain with demo data
./scripts/local.sh              # terminal 1: anvil + deploy + seed, writes web/.env.local
cd web && npm install && npm run dev   # terminal 2

Deploy to Arc mainnet (chain 5042)

cd contracts
forge script script/Deploy.s.sol --rpc-url arc_mainnet --private-key $PRIVATE_KEY --broadcast
# then in web/.env.local:  NEXT_PUBLIC_OUTRIGHT_ADDRESS=<deployed address>

Seed the live demo

Two wallets are needed, because a maker can't take its own offer. Both can be yours. Nothing here is spent: unsold offers are refundable and a settled trade exchanges the two legs at the agreed rate. About €5 and $6 of working capital, plus gas, covers all of it.

cd contracts
export OUTRIGHT=<deployed address> PK_A=<maker key> PK_B=<taker key>
export RATE=1170000          # optional: USDC per EURC, 6 decimals. Default 1.1700

forge script script/SeedMainnet.s.sol --sig "settle()" --rpc-url arc_mainnet --broadcast
# two €1 forwards, one each way, maturing in five minutes. Wait ~6 minutes, then:
forge script script/SeedMainnet.s.sol --sig "claim()"  --rpc-url arc_mainnet --broadcast
forge script script/SeedMainnet.s.sol --sig "book()"   --rpc-url arc_mainnet --broadcast
# four standing offers, both sides, 7-day accept window

forge script script/SeedMainnet.s.sol --sig "cancelOpen()" --rpc-url arc_mainnet --broadcast
# later: take the standing offers back and refund the deposits

The offers and settled trades on the live desk were posted by us to demonstrate the venue. There is no third-party flow yet, and none of it is claimed as organic liquidity.

Defaults: USDC ERC-20 interface 0x3600000000000000000000000000000000000000, EURC 0xbEf5f6d51CB62b58e6A8f77868681825C6fe21c1. For testnet, set EURC_ADDRESS=0x89B50855Aa3bE2F677cD6303Cec089B5F319D72a and the frontend's NEXT_PUBLIC_ARC_* overrides.

Design notes

• Decimals: Arc's native USDC gas token has 18 decimals; its ERC-20 interface has 6. Outright uses only the ERC-20 interfaces and never reads msg.value, so the two are never mixed.
• Pull payouts: Circle tokens can blocklist addresses. Each side claims independently, so a blocked counterparty can't freeze the other side's funds (tested).
• Exact legs: offers store the EURC and USDC amounts, not a rate, so settlement never rounds.
• The frontend reads token addresses from the contract, so it can't be pointed at the wrong EURC.
• One pair per deployment: the two tokens are immutable constructor arguments. Supporting another pair means deploying a second instance, so collateral is never shared between pairs and there is no token whitelist to maintain.

Roadmap

• Margined non-deliverable forwards, cash-settled off a USDC/EURC TWAP
• Mark-to-market against a live reference rate
• Event indexing instead of reading every forward
• Invoice/PO references via Arc's Memo contract