Originally published on: September 16, 2024
In an exciting collaboration, fintech firm Circle has partnered with Sony’s Blockchain Solutions Lab to enhance the integration of USDC on Soneium, a layer-2 blockchain platform. This strategic move aims to establish USDC as one of the primary tokens for value exchange on the network.
The partnership between Circle and Sony’s blockchain division signifies a major step towards fostering innovation in the Web3 space. Soneium, a public Ethereum layer-2 blockchain developed by Sony’s Block Solutions Lab, was launched in August 2024. This initiative is a joint venture between Sony Group Corporation and Startale Labs, aimed at leveraging distributed ledger technology to create a more efficient digital ecosystem.
As part of this collaboration, the Bridged USDC Standard will be integrated with Soneium, enabling developers to access digital dollar payments on EVM-compatible blockchains. This specification allows for the deployment of a bridged form of USDC on Ethereum, serving as a proxy for the native stablecoin and facilitating seamless transactions on L2 chains.
Jun Watanabe, Chairman of Sony Blockchain Solutions Lab, expressed enthusiasm about the partnership, stating that it aligns perfectly with their vision of an interconnected digital environment. Circle CEO Jeremy Allaire also emphasized the significance of this collaboration in driving the adoption of stablecoins and blockchain technology, empowering creators to thrive in the Web3 landscape.
In a related development, Samsung Next, Samsung’s investment division, recently made a strategic investment in Startale Labs, the developer behind Sony’s L2 blockchain project. Additionally, Soneium has formed partnerships with industry leaders such as Astar, Alchemy, Chainlink, Optimism, and The Graph, further solidifying its position in the blockchain ecosystem.
Circle, known as the world’s second-largest stablecoin issuer, boasts a circulating supply of $35.7 billion, capturing a market share of 21%. Despite fluctuations in USDC supply throughout the year, Circle remains confident in the mainstream adoption of stablecoins as a pivotal component of the digital economy.
With this groundbreaking collaboration between Circle and Sony’s Blockchain Solutions Lab, the future of USDC adoption on the Soneium blockchain looks promising, unlocking new possibilities for decentralized finance and Web3 applications.
