Circle, the issuer of the second-largest stablecoin USDC
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, has unveiled a new compliance-focused tool for programmable wallets, CEO Jeremy Allaire said on X.
Called the Compliance Engine, the service will help âcompanies build onchain while meeting rigorous demands for compliance,â Allaire said. The system provides ways to program customizable and automatically enforced regulatory checks into different decentralized applications.
The service will feature a transaction screening tool âto detect risky and suspectâ transfers as well as a monitoring tool âto help identify potential high-risk behaviors.â A âTravel Ruleâ service is designed to meet the Financial Action Task Forceâs surveillance and data validation requirements for virtual asset service providers.
Circleâs website notes the Compliance Engine will feature a one-stop âconsolâ where users can integrate APIs and analyze data, flag transactions in real-time, perform long-running investigations, set up blocklists for wallets connected to suspicious or known bad actors and report transactions to authorities.
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The tool will support any blockchain connected to Circleâs existing Programmable Wallets tool, including Avalanche, Ethereum, Polygon and Solana, among others. Developers will be charged on a âpay-as-you-growâ model every month.
âWeâve built up tremendous capabilities in this area over the past decade, and weâre now taking those capabilities and exposing them to developers and operations teams that are building financial applications onchain,â Allaire said.
The planned launch of USDC on Sui will mark Circleâs 16th blockchain integration since launching USDC through a joint partnership with Coinbase in 2018. The token is the sixth-largest cryptocurrency, with a market capitalization and circulating supply of $35 billion, according to The Blockâs price page.
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