New opportunities for rare charm from $Z\to c\bar{c}$ decays
We analyze the potential of rare charm decays as probes of new physics at a high-luminosity flavor facility operating at the $Z$ pole, such as the FCC-ee or CEPC. In particular, we identify clean null-test observables in $D^0 \to \pi^+ \pi^- \nu\bar{\nu}$ and in polarized $\Lambda_c^+ \to p \ell^+ \ell^-$ decays with $\ell=e, \mu$. Complementarity with the LHC and HL-LHC flavor programs arises from the characteristic features of a Tera-$Z$ environment: the capability to study missing-energy modes and charm production with significant polarization. We improve the theoretical description of $D^0 \to \pi^+ \pi^- \nu\bar{\nu}$ decays and work out the phenomenology of polarization-induced null-test observables in $\Lambda_c^+ \to p \ell^+ \ell^-$ decays. In regions of dilepton mass near the $\phi$ resonance, polarization asymmetries can reach $O(5 \%)$ for muons and $O(14 \%)$ for electrons times the $\Lambda_c^+$ polarization. We also point out synergies between the dineutrino and the dilepton modes using the SMEFT framework of heavy new physics. Using the IDEA detector concept at FCC-ee, we find in simulation studies that dineutrino branching fractions as low as $\sim 2 \times 10^{-7}$ can be probed, which reaches well into the parameter space of new physics, and also allows for discrimination of lepton flavor structures. Furthermore, the measurement of asymmetries in $\Lambda_c^+ \to p \mu^+ \mu^-$ at $O(1 \%)$ will be possible. Similar sensitivities are expected for dielectron final states, although robust predictions will require further dedicated studies.