Stablecoin issuer, Circle, has ignited controversy with its proposal to introduce reversible transactions—a concept that challenges one of the core tenets of blockchain technology: immutability. Circle president Heath Tarbert suggested the USDC issuer is considering this as it could bolster the stablecoin industry’s chances of being incorporated into the financial mainstream.

However, in an interview with the Financial Times (FT), Tarbert acknowledged that such a move could end up undermining the stablecoin.

“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. So there’s an inherent tension there between being able to transfer something immediately, but having it be irrevocable,” he said.

The proposal marks a dramatic departure from the crypto industry’s long-standing emphasis on decentralization and trustless systems. Blockchain’s immutability—its inability to alter or reverse transactions once recorded—has been a foundational principle, celebrated for its transparency and resistance to censorship. Circle’s suggestion to allow reversals, even under limited circumstances, is seen as a betrayal of this principle.

According to the FT report, some players in the blockchain industry have slammed the proposal, while one prominent venture capitalist went so far as to call it “offensive.” Critics argue that Circle’s new blockchain, Arc, should not even be considered a blockchain if it allows for such centralized control.

Designed for banks, asset managers, and financial institutions, Circle’s blockchain includes features like encrypted transaction values and optional transparency settings—tools aimed at shielding sensitive financial information. Although Circle insists that transactions on Arc cannot be directly unwound, it proposes a secondary layer where parties could agree to counter-payments—essentially mimicking credit card-style refunds. It is this workaround, which effectively introduces a level of reversibility, that critics see as antithetical to blockchain’s purpose.

Despite this, Tarbert, the former chairman of the U.S. Commodity Futures Trading Commission (CFTC), believes that by courting banks and regulators, Circle is positioning USDC as the stablecoin of choice for institutional adoption. He also emphasized the need to integrate the “benefits of the current system” into blockchain infrastructure.

Despite the backlash, Circle’s proposal reflects a growing recognition that blockchain must evolve to meet the demands of mainstream finance. As banks and credit card companies explore stablecoin-powered cross-border payments, the pressure to offer consumer protections—like transaction reversibility—is mounting.

Goldman Sachs recently predicted a “stablecoin gold rush,” estimating that USDC could grow by $77 billion by 2027. Whether Circle’s controversial proposal will help or hinder that growth remains to be seen. For now, it has sparked a critical debate about the future of blockchain—and whether its foundational principles can coexist with the realities of global finance.

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