The USDC stablecoin and Verite KYB credentials are now supported.
Circle plans to provide certain Early Access clients with complimentary Verite KYB.
Circle, a payments technology firm and issuer of USDC, announced on Saturday the creation of the first Verite KYB (know your business) credentials that are compatible with the MetaMask Institutional wallet. The USDC stablecoin and Verite KYB credentials are now supported. Thanks to the partnership between Circle and TrueFi, an uncollateralized lending protocol.
For its first set of decentralized Verite KYB identification credentials, Circle announced a cooperation with the uncollateralized lending technology DeFi at the ConvergeSF22 cryptocurrency conference. In addition, users may use USDC stablecoin to get entry to TrueFi’s lending platform.
Verite KYB Credentials
In February of this year, the open-source framework Verite was presented as a means of issuing, storing, and verifying identification credentials without the need for a central authority. Verite was created by the Centre Consortium and Circle to let institutions engage in DeFi and Web3 and build trust with one another.
Verite KYB credentials may be requested by organizations that have a Circle account and a MetaMask Institutional wallet. It paves the way for smart contracts and permission-verifying web and mobile applications.
In addition, Circle plans to provide certain Early Access clients with complimentary Verite KYB and recognized company credentials. Additionally, this requires widespread acceptance of the USDC stablecoin by institutional users.
Circle is pushing for widespread adoption of USDC while the USDC market cap falls versus Tether (USDT). The total value of the USDC market has fallen below $50 billion, to $47.26 billion at this time. The market value dropped from $52.26 billion in August to $47.26 billion in September.
On Thursday, Circle teamed up with TBD, a payment firm run by Jack Dorsey. The initiative’s goal is to facilitate USDC stablecoin self-custody and international money transfers. Additionally, TBD and Circle will work together to promote the widespread use of digital currencies in monetary transactions and other financial applications throughout the world.