At the ConvergeSF22 crypto conference, Circle announced a partnership with DeFi uncollateralized lending protocol TrueFi to offer its first decentralized Verite KYB identification credentials.
Circle, a payments technology company, announced on Saturday the creation of the first Verite KYB (know your business) credentials.
The keys can be easily accessed using the MetaMask Institutional wallet. Circle partners with DeFi's uncollateralized lending protocol TrueFi to allow support for Verite KYB credentials and USDC stablecoin access.
Circle announced a partnership with DeFi uncollateralized lending protocol TrueFi to offer its first decentralized Verite KYB identification credentials at the ConvergeSF22 crypto conference. It also allows users to use USDC stablecoin to access TrueFi's permissioned lending platform.
Verite, an open-source framework for decentralized identification credential issuance, custody, and verification, was introduced in February of this year. Verite was developed by the Centre Consortium and Circle to allow institutions to participate in DeFi and Web3 while also establishing trust with others.
Institutions having Circle accounts and MetaMask Institutional wallets can apply for Verite KYB credentials. It allows online and mobile apps, as well as smart contracts, to validate permissions for businesses.
Furthermore, Circle aims to provide free Verite KYB and recognized business credentials to chosen Early Access users. This includes increasing institutional use of the USDC stablecoin.
Verite will be supported by several industry leaders, including Coinbase, FTX, and ConsenSys. In addition, Algorand, Compound Labs, Ledger, MetaMask Institutional, Phantom Technologies, Solana Foundation, Spruce, and Stellar Development Foundation planning to participate in the identification standards.
USDC Market Cap Continues to Decline
As the USDC market cap falls against Tether (USDT), Circle advocates for USDC adoption in all sectors. The USDC market cap has fallen below $50 billion, currently standing at $47.26 billion. In September, the market cap fell from $52.26 billion to $47.26 billion.
On Thursday (September 29)Circle announced a partnership with TBD, a subsidiary of Jack Dorsey's payment business Block. It aims to facilitate cross-border payments and USDC stablecoin self-custody. TBD and Circle will also work together to accelerate the worldwide use of digital currencies in payments and banking applications.