Breaking: Circle Advances Institutional Adoption Of USDC In DeFi And Web3
Payments technology company Circle on Saturday announced creating the first Verite KYB (know your business) credentials that can be easily accessed on the MetaMask Institutional wallet. Circle partners 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. Also, it enables support to access TrueFi’s permissioned lending platform with USDC stablecoin.
Verite was introduced in February this year as an open-source framework for decentralized identity credential issuance, custody, and verification. The Centre Consortium and Circle developed Verite to enable institutions to participate and establish trust with others in DeFi and Web3.
Institutions with Circle accounts and MetaMask Institutional wallets can apply for Verite KYB credentials. It enables web and mobile apps, and smart contracts to verify permissions for businesses.
Furthermore, Circle aims to issue free Verite KYB and accredited business credentials for select Early Access customers. This also involves growing institutional adoption of USDC stablecoin.
Several industry leaders including Coinbase, FTX, and ConsenSys will support Verite. Also, Algorand, Compound Labs, Espresso Systems, Hedera Hashgraph, Ledger, MetaMask Institutional, Phantom Technologies, Solana Foundation, Spruce, and Stellar Development Foundation plans to collaborate on the identity standards.
USDC Market Cap Continues to Decline
As the USDC market cap continues to decline against Tether (USDT), Circle pushes for USDC adoption in every sector. The USDC market cap has dived below $50 billion and is currently at $47.26 billion. In September, the market cap tumbled 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 mainstream adoption of digital currencies in payments and financial applications globally.
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