Arcade was laid down on 8 June 1942 at Tampa, Florida, by the Tampa Shipbuilding Co.; launched on 7 December 1942; sponsored by Miss V. Zoll; and completed on 26 August 1943. She was transferred to the Soviet Navy that same day as T-116. She was never returned to U.S. custody.
On 5 September 1944, while on patrol in Kara Sea, T-116 attacked and sunk with depth charges the German submarine U-362.[1]
In Soviet service the ship was renamed TB-23 on 11 July 1956, and SM-7 on 23 October 1962. The ship was eventually scrapped on 4 May 1963.
Due to the ongoing Cold War, the U.S. Navy was unaware of this fate. They had reclassified the vessel as MSF-143 on 7 February 1955, and kept her on the American Naval Vessel Register until she was struck on 1 January 1983.