Circle Internet Financial has launched Circle Research with a mission to foster innovation in crypto, blockchain, and Web3 through open-source research. Emphasizing collaboration and transparency, the initiative aims to enhance global security standards and drive technological progress. The first project under this initiative, the Perimeter Protocol, sets a new standard for on-chain credit markets by enabling secure credit facilitation through smart contracts, addressing current barriers to entry in decentralized finance (DeFi). Circle's Perimeter Protocol offers a flexible framework for various credit applications, such as invoice factoring and institutional crypto credit, and aims to integrate real-world assets with uncollateralized loans through open standards. The protocol, available on GitHub, invites developers to contribute and tailor it to their specific needs, reflecting Circle's commitment to advancing the digital asset ecosystem while bridging traditional and digital financial markets.