Payment technology company Circle announced on Saturday that it has created the first Verite KYB (know your business) credentials that are easily accessible on the MetaMask Institutional wallet. Circle has partnered with DeFi uncollateralized lending protocol TrueFi to enable support for Verite KYB credentials and access with USDC stablecoin.
Circle Partners TrueFi for Institutional Adoption of USDC
During the ConvergeSF22 crypto conference, Circle announced a partnership with DeFi uncollateralized lending protocol TrueFi to offer its first decentralized Verite KYB identity credentials. It also supports access to TrueFi’s authorized USDC stablecoin lending platform.
Verite was introduced in February this year as an open-source framework for decentralized issuance, custody and verification of identity data. The Center Consortium and Circle developed Verite to enable institutions to engage and build trust with others in DeFi and Web3.
Institutions with Circle accounts and MetaMask Institutional wallets can request Verite KYB credentials. It enables web and mobile apps and smart contracts to verify permissions for businesses.
Additionally, Circle is committed to providing free Verite KYB and accredited corporate credentials to select Early Access customers. This also includes growing institutional adoption of USDC stablecoin.
Several industry leaders, including Coinbase, FTX, and ConsenSys, will support Verite. Algorand, Compound Labs, Espresso Systems, Hedera Hashgraph, Ledger, MetaMask Institutional, Phantom Technologies, Solana Foundation, Spruce and Stellar Development Foundation also plan to collaborate on identity standards.
USDC market cap continues to fall
As the USDC market cap continues to fall against Tether (USDT), Circle is pushing for USDC adoption in every sector. The USDC market cap has plunged below $50 billion and currently stands at $47.26 billion. In September, the market cap dropped from $52.26 billion to $47.26 billion.
On Thursday, Circle partnered with TBD, a subsidiary of Jack Dorsey’s payment company Block. It aims to support cross-border remittances and self-custody of USDC stablecoin. TBD and Circle will also collaborate on the widespread adoption of digital currencies in payments and financial applications worldwide.
Varinder is a technical writer and editor, technology enthusiast and analytical thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a significant period of time and is currently covering all the latest updates and developments in the crypto industry.
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