According to Cointelegraph, USDC issuer Circle has launched a set of blockchain-based compliance products to help companies meet strict compliance requirements when building on the chain. The platform, called Compliance Engine, includes transaction screening and monitoring tools, as well as services that comply with KYC requirements.

Circle CEO Jeremy Allaire said the platform will first run on blockchain networks such as Avalanche, Ethereum, Polygon PoS and Solana. The move is aimed at accelerating the adoption of USDC and competing with USDT for market dominance.

The current market value of USDC is about $36 billion, far lower than USDT's $119 billion. In addition, PayPal's PYUSD has also joined the competition, with its market value exceeding $1 billion in August.

Circle is focused on accelerating the adoption of tokenized real-world assets (RWAs), which could become a multi-trillion dollar market in the coming years. The most popular tokenized RWAs include tokens representing offline money market funds, which typically accept USDC payments and offer low-risk returns.