On October 1, Circle, the USDC issuer of the US dollar stablecoin, Announced the launch of an institutional digital identity system based on Verit, an open source framework for the issuance, custody and verification of decentralized identity credentials.

Institutions with Circle accounts and MetaMask institutional wallets can request KYB (Know Your Business) credentials, allowing web and mobile applications and smart contracts to verify user permissions (including usage rights, time, location , etc.) to license the chain activity.

Circle said eligible companies will have direct control over how, when and where their identity attributes are shared, and will not send or store any personally identifiable data on-chain.

Circle has partnered with TrueFi to support Verite KYB credentials to access TrueFi’s permission lending platform, which enables institutions to transact with authenticated counterparties they can trust.

USDT it is one of the leading stablecoins with a market capitalization of $67.95 billion at the time of writing, with USDC coming in second with a value of $47.25 billion, according to CoinMarketCap.

Last month, the USDC issuer announced that it plans to expand USDC to five blockchains, including Arbitrum, COSMOS, NEAR, Optimism, and Polkadot, and will launch a new cross-chain transmission protocol. A subsidiary of digital payments company Block announced a partnership with Circle to provide USDC cross-border transfers and savings services to global investors.

FV Bank, a global digital bank, partnered with Circle to enable instant and automatic conversion of USD Coin (USDC) to USD upon deposit last month.

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