flatreader

Stablecoin Issuer Circle Examines 'Reversible' Transactions in Departure For Crypto

Circle, the world's second-biggest issuer of stablecoins, is examining ways to make it possible to reverse transactions involving its tokens [non-paywalled source], in a rare admission by a major crypto firm that it needs to take lessons from the traditional financial sector. Financial Times: Circle president Heath Tarbert said a mechanism that allowed money to be refunded in cases of fraud or disputes would help the stablecoin industry's push to become part of the financial mainstream. "We are thinking through...whether or not there's the possibility of reversibility of transactions, right, but at the same time, we want settlement finality," Tarbert told the Financial Times. "So there's an inherent tension there between being able to transfer something immediately, but having it be irrevocable," he added. Such measures could be seen as a major departure from the crypto industry's previous emphasis on the "immutability" of the blockchain, a digital ledger that is public and records transactions that cannot be unwound.