Circle proposes recoverable token standard to address crypto theft
The stablecoin company said irreversible crypto transactions have left millions with heavy losses and necessitated a new digital asset with greater flexibility. Jeremy Allaire, CEO of USD Coin (USDC) issuer Circle, announced the launch of two new on-chain solutions focused on combating theft and illicit operations targeting assets on blockchains. The Circle boss cited reports of nearly $10 billion in crypto losses between 2021 and 2023, primarily due to hackers and exploiters launching attacks on decentralized protocols. Allaire added that these assets prove harder to repossess thanks to the irreversible design of crypto transactions. The adoption of on-chain payment methods such as stablecoins for commerce has been limited by the lack of reversibility in transactions, a key feature of modern payment systems and critical in a world that’s rife with online fraud or even simply customers receiving the wrong or deficient products or services. Jeremy Allaire, Circle CEO ...