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Jack Dorsey's TBD and Circle establish a non-profit foundation to promote open finance.

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Jack Dorsey

Jack Dorsey's decentralized exchange TBD and stablecoin issuer Circle have announced the formation of a non-profit organization dedicated to accelerating the open-source adoption of decentralized identity, credentials, digital wallet naming, and open payment standards.

Jack Dorsey's Decentralized Exchange TBD

Jack Dorsey's decentralized exchange TBD released its whitepaper at the end of 2021, stating that TBD aims to be a protocol for liquidity and asset exchange, such as Bitcoin, fiat currency, and real-world assets. This protocol will provide a framework of social trust, utilizing decentralized identities (DID) and verifiable credentials (VC) to establish identity roots in the real world.

Twitter founder's new ambition! Square's decentralized exchange project TBD, whitepaper unveiled

TBD CEO Mike Brock stated that over 1.7 billion adults worldwide cannot access the banking system.

Innovations in internet, wireless technology, decentralized identities, and payments have provided the infrastructure for us. It's time to build an open payment infrastructure native to the internet, allowing anyone to participate in the economy without the need for centralized intermediaries.

TBD, Circle, and Linux Foundation Collaboration

TBD and Circle plan to form a non-profit foundation dedicated to establishing a more open and inclusive financial system, making digital finance more accessible to everyone. The organization will focus on creating, promoting, and widely adopting decentralized identity and credential standards, as well as open payment applications supported by payment stablecoins like USDC. It will also work on simplifying and creating universal naming conventions for easier use of today's wallet addresses.

The project will also collaborate with the Linux Foundation. Its compliance and foundational trust framework will use open standards from the World Wide Web Consortium (W3C), the Internet Engineering Task Force (IETF), the Decentralized Identity Foundation (DIF), and the OpenID Foundation (OIDF). It will focus on:

  • Identity and credential standards: including specifications, standards, and reference implementations for decentralized identity issuers, verifiable credentials for payment use cases, and naming conventions for querying counterparties through human-readable names and URIs
  • Open liquidity protocols: supporting mainstream payment and commercial use cases with open liquidity protocols, promoting interoperability between wallets and financial services to achieve highly scalable, low-cost, and trustworthy value exchange