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Circle Introduces Refund Protocol for Stablecoin Payments
Circle Introduces Refund Protocol for Stablecoin Payments
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Circle announced on April 17 the introduction of a non-custodial smart contract system called the Refund Protocol. This system aims to enable dispute resolution for stablecoin transactions without relying on centralized intermediaries. The initiative addresses the lack of a built-in mechanism for refunds or chargebacks in stablecoin payments. The Refund Protocol gives payment arbiters specific powers, such as locking funds for a set period and authorizing refunds to predefined addresses, while maintaining the non-custodial nature of the system. Arbiters are prohibited from transferring funds arbitrarily. Circle CEO Jeremy Allaire said the Refund Protocol builds on the firm’s earlier open-source work.
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