The financial company Circle, which issues stablecoins, has partnered with Sony Block Solutions Labs to increase USDC uptake on Soneium, the company.
However, On September 15, Circle announced a partnership with Sony’s blockchain division to integrate its Bridged USDC Standard, making the stablecoin one of Soneium’s primary tokens for value exchange.
The company said, “This is a major turning point that will usher in a new era of creativity in the Web3 space.”
However, launched in August 2024, Soneium is a public Ethereum layer-2 blockchain created by Sony Block Solutions Labs. Sony Block Solutions Labs, a joint venture between Sony Group Corporation and Startale Labs, is constructing a new network architecture using distributed ledger technology.
The Bridged USDC Standard outlines the process for deploying a bridged version of the stablecoin on blockchains compatible with Ethereum Virtual Machine (EVM). This version acts as a proxy for native USDC on Ethereum, enabling developers on Layer 2 chains to use digital dollar payments.
Jun Watanabe, Chairman of Sony Block Solutions Labs, stated that the partnership aligns with their vision of creating a more connected and efficient digital ecosystem.
Circle Exec: Stablecoins, Internet’s Future Currency
Moreover, Circle CEO Jeremy Allaire added that this collaboration is a major step toward advancing stablecoin adoption and empowering creators with secure, easy-to-use Web3 experiences.
In early September, Samsung Next, Samsung’s investment arm, announced a strategic investment in Startale Labs, Sony’s SonSony’shSony’sckchain. Soneium has also partnered with Astar, Alchemy, Chainlink, Optimism, and The Graph.
However, Circle, the second-largest stablecoin issuer globally, has a circulating supply of $35.7 billion, representing a 21% market share. USDC supply has grown 47% since the start of this year, though it remains 36% below its peak of $56 billion in June 2022.
In a recent interview, Dante Disparte, Circle’s strategy and head of global policy, expressed confidence that stablecoins will become widely adopted as the currency of the internet age.
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