Circle’s Refund Protocol, explained: Bringing refunds to stablecoin payments

Quick Summary:

If the payer and the seller cannot resolve the issue, the arbiter can make a final ruling, but they cannot arbitrarily access or control the funds. Lockup periods: To allow both parties time to address issues, the Refund Protocol incorporates lockup periods.

If a wallet doesn’t support specifying refund addresses or interacting with the Refund Protocol smart contract, both the payers and the sellers may not be able to use the full range of features. Gas costs and scalability: The Refund Protocol requires multiple interactions with the blockchain — payment deposits, withdrawals and dispute resolutions — each of which can incur gas costs.

It offers a transparent, decentralized and clear method to resolve disputes, ensuring funds’ safety. Here is how the refund protocol works:The payment: When the payer makes a payment, funds aren’t instantly transferred to the seller.

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Article Details

Author / Journalist: Cointelegraph by Dilip Kumar Patairya

Category: Crypto

Markets: United StatesMali

Topics: Circle Refund Protocol Stablecoin Payments

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-05-02 @ 11:45:00 (1 days ago)

News Timezone: GMT -5:00

News Source URL: cointelegraph.com

Language: English

Article Length: 735 words

Reading Time: 5 minutes read

Sentences: 44 lines

Sentence Length: 17 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Coin Telegraph

News ID: 28319683

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