USDC issuer Circle unveils new compliance tool for programmable wallets
Circle, the issuer of the second-largest stablecoin USDC +0.049% , has unveiled a new compliance-focused tool for programmable wallets, CEO Jeremy Allaire said on X.
Called the Compliance Engine, the service will help “companies build onchain while meeting rigorous demands for compliance,” 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 “to detect risky and suspect” transfers as well as a monitoring tool “to help identify potential high-risk behaviors.” A “Travel Rule” service is designed to meet the Financial Action Task Force’s surveillance and data validation requirements for virtual asset service providers.
Circle’s website notes the Compliance Engine will feature a one-stop “consol” 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.
The tool will support any blockchain connected to Circle’s existing Programmable Wallets tool, including Avalanche, Ethereum, Polygon and Solana, among others. Developers will be charged on a “pay-as-you-grow” model every month.
“We’ve built up tremendous capabilities in this area over the past decade, and we’re now taking those capabilities and exposing them to developers and operations teams that are building financial applications onchain,” Allaire said.
The planned launch of USDC on Sui will mark Circle’s 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 Block’s price page .
