PiCK
Circle pushes to introduce on-chain refund protocol on institutional blockchain
Suehyeon Lee
Summary
- Circle said it is pushing to introduce a new on-chain refund mechanism to the institutional Arc blockchain.
- It said the protocol enables holding payment amounts in escrow and direct refund processing by approved arbitrators.
- Circle emphasized that the Refund Protocol maintains the immediacy of real-time payments while meeting regulators' compliance requirements.
The stablecoin USDC issuer Circle plans to introduce a new on-chain refund mechanism on its Arc blockchain for institutions.
On the 27th (local time), according to UBlockchain, Circle will introduce a "Refund Protocol" on the Arc blockchain that enables on-chain refunds.
This stores the payment amount in escrow in cases of fraud or transaction disputes, and allows an approved arbitrator to process refunds or chargebacks directly on-chain.
On this, Circle emphasized, "This protocol strikes a balance that maintains the immediacy of real-time payments while meeting the compliance requirements regulators demand of stablecoin issuers."
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
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