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Breaking: Circle Advances Institutional Adoption Of USDC In DeFi And Web3

Circle partners DeFi uncollateralized lending protocol TrueFi to enable support for Verite KYB credentials and access with USDC stablecoin.
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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.

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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.

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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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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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