Circle, a payments technology company, said on Saturday that it had made the first Verite KYB (know your business) credentials that can be easily accessed on the MetaMask Institutional wallet. Circle works with the Defi protocol for unsecured lending, called TrueFi, to add support for Verite KYB credentials and access with USDC stablecoin.
Circle works with TrueFi to get institutions to use USDC.
During the ConvergeSF22 crypto conference, Circle announced a partnership with the Defi uncollateralized lending protocol, TrueFi, to offer its first decentralized Verite KYB identity credentials. Also, it lets people use USDC stablecoin to access TrueFi’s private lending platform.
Verite is an open-source framework for decentralized identity credential issuance, custody, and verification. It was released in February of this year. Verite was created by the Centre Consortium and Circle so that institutions could join Defi and Web3 and build trust with others.
Breaking: Circle helps Defi
Institutions that have Circle accounts and MetaMask Institutional wallets can apply for Verite KYB credentials. It makes it possible for businesses to check permissions with web apps, mobile apps, and smart contracts.
Circle also plans to give some of its Early Access customers free access to Verite KYB and accredited business credentials. This also means that institutions will use USDC stablecoin more.
Verite will be backed by industry leaders like Coinbase, FTX, and ConsenSys. The identity standards will also be worked on by Algorand, Compound Labs, Espresso Systems, Hedera Hashgraph, Ledger, MetaMask Institutional, Phantom Technologies, Solana Foundation, Spruce, and Stellar Development Foundation.
The USDC Market Cap keeps going down.
As the USDC market cap keeps going down compared to Tether (USDT), Circle is pushing for everyone to use USDC. The market capitalization of USDC has fallen below $50 billion and is now at $47.26 billion. The market cap dropped from $52.26 billion to $47.26 billion in September.
On Thursday, Circle joined forces with TBD, a payment company that is part of Jack Dorsey’s company, Block. Its goal is to help people send money across borders and keep their own USDC stablecoin. TBD and Circle will also work together to help digital currencies become more widely used in payments and other financial applications around the world.
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