A key management protocol (such as KMIP) is extended to provide an extended credential type that enables an initiating (first) client device to create a credential dynamically and that can then be selectively shared with and used by other (second) client devices. Using a dynamically-created credential of this type, the other (second) devices are able to fetch the same key configured by the initiating (first) device. In this manner, multiple devices are able to create and share one or more keys among themselves dynamically, and on as-needed basis without requiring a human administrator to create a credential for a device group in advance of its usage.