Circle is testing a mechanism to reverse USDC transactions in cases of fraud or hacking. This means that normal transactions still retain their finality, but if a serious incident occurs, they can use a special governance mechanism or smart contract to refund the victims. This is how Circle combines the benefits of traditional banking with crypto, increasing trust in the organization without breaking the principles of decentralization.
Circle is developing its own blockchain, Arc, using USDC as the payment token, and ARC will launch its testnet this fall.
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