Circle, the company that makes the stablecoin USDC, has teamed up with Sony Block Solutions Labs to make USDC more widely usable on Soneium, Sony’s brand-new layer-2 blockchain. This is a big step toward better blockchain integration. The goal of this partnership is to make USDC the main token used for transactions and value exchange in the Soneium community, especially among Web3 producers.
Soneium will be able to use Circle’s Bridged USDC Standard thanks to the partnership, which was announced on September 15. This technology lets developers use a linked version of USDC on blockchains that work with the Ethereum Virtual Machine (EVM). This makes it easy to send and receive digital dollars. Ring and Sony are making it possible for a more linked and useful digital environment by making USDC a key token on Soneium.
We’re excited to announce our collaboration with Sony Block Solutions Labs to bring bridged USDC on Soneium via our Bridged USDC Standard! This marks a significant milestone to set the stage for a new era of creativity in the Web3 space.
— Circle (@circle) September 16, 2024
Read more about the collaboration here:… pic.twitter.com/0IRxrXhf5P
Sony Group Corporation and Startale Labs worked together to make Sony Block Solutions Labs. In August 2024, they released Soneium, a public layer-2 blockchain. The blockchain is a flexible tool for people around the world. It was built on Ethereum and can be used for many different purposes.
Chairman of Sony Block Solutions Labs Jun Watanabe stressed how important this relationship was and how it could change the leisure and financial industries. Watanabe said, “This collaboration fits with our goal to make the digital ecosystem more connected.”
Circle CEO Jeremy Allaire was also excited about the relationship. He called it a turning point for the adoption of stablecoins and the empowerment of creators in the Web3 area. Allaire says this relationship will change how we encourage imagination and new ideas in the digital age.
Circle is the second-largest stablecoin producer in the world, with a current amount of $35.7 billion. This partnership comes at a time when Circle is growing quickly. The amount of USDC in circulation is still less than its all-time high of $56 billion in June 2022, but it has grown by 47% since the beginning of the year.
Along with Circle’s relationship with Sony, Soneium has also teamed up with well-known blockchain companies like Astar, Alchemy, Chainlink, Optimism, and The Graph. These relationships make the environment of the blockchain even stronger, which increases its chances of being widely used.
Circle and Sony’s work on Soneium is likely to be a big part of the future of decentralized banking and entertainment as blockchain technology continues to improve.
